WTI falls to $79.30 amid a historic drop in US crude stocks – by lilyfinancial Oil WTI Commodities
EIA reported that US crude inventories recorded the largest drop since 1982.ADP private employment data was stronger than expected.benchmark, is trading around the $79.35 mark so far on Thursday. WTI prices face some selling pressure and correct lower from $82.12, the highest since April 14, as US crude inventories recorded the largest drop since 1982.
The downgrade of the government's credit rating by a prominent ratings agency triggered the correction in WTI prices. That said, Fitch downgraded the US Long-Term Foreign-Currency Issuer Default Rating from AAA to AA+. The leading rating company cited an expected fiscal deterioration over the next three years and a high general government debt burden as the primary reasons for this drastic action.
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