Oil Trades Near $45 as Equities Retreat, U.S. Crude Output Slips
- U.S. production falls to 10-month low; OPEC volumes decline
- WTI advanced as much as 4.5% before U.S. equities retreated
What Are the Ripple Effects of Lower Oil Prices?
This article is for subscribers only.
Oil traded near $45 a barrel in New York as equities retreated while U.S. crude production slipped the seventh time in eight weeks.
West Texas Intermediate futures erased a 4.5 percent gain after the Standard & Poor’s 500 Index stumbled into the fourth quarter. Prices climbed earlier after government data on Wednesday showed U.S. crude output declined last week. Traders are following the progress of Hurricane Joaquin, which gathered strength and threatens the U.S. East Coast.