WTI crude oil prices fell for a sixth day on Wednesday down to $47.69, marking its longest string of losses in a year, as worsening global oversupply offset the potential lift from a weaker dollar and an expected drop in U.S. crude stocks.
It’s been a generally quiet Tuesday in global markets, with the U.S. dollar regaining some of yesterday’s lost ground, WTI edging higher after hitting a new 4-month low under 47.00 and gold marking time below $1,100.
Markets are relatively optimistic as the sun rises on a new trading day, with investors holding out hope that a Greek debt deal will be reached this weekend and that China’s perilous stock market drop has been arrested.
Oil prices fell more than 3% on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply.
Oil prices bounced from three-week lows in choppy trade on Tuesday as investors awaited a Greek debt default, shying away from riskier assets and putting benchmark North Sea Brent crude on course for a second month of losses.