Oil Prices fall in Friday trade after reductions at refineries along Gulf of Mexico

Syed Umarullah HussainiWeb Editor

11th Sep, 2020. 09:06 am
Nadeem Babar

Oil prices fall on Friday, in part to ongoing reductions at refineries along the Gulf of Mexico following Hurricane Laura.

According to the details, oil prices slid nearly 2% on the last day of the business week.

Brent futures fell 73 cents, or 1.8%, to settle at $40.06 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 75 cents, or 2.0%, to settle at $37.30.

The U.S. Energy Information Administration (EIA) said crude inventories rose 2.0 million barrels last week.

Brent and WTI futures dropped to their lowest since mid-June earlier this week and have remained in the oversold territory over the past several days.

Brent’s Relative Strength Index (RSI) was under 30 for a fifth straight day for the first time since March.

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