Crude oil futures fell on Tuesday as optimism faded for an output-limiting deal from an oil producer meeting in Algeria that has so far failed to yield any agreement to curb one of the worst supply gluts in history.
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By CLIFFORD KRAUSS The president, Rafael Correa, said he feared that without price stabilization efforts, the current oil glut could vanish, causing a rise to record price levels. Published: September 2015 at from NYT Business Day Article.
West Texas Intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts. The price of WTI is often referenced in news reports on oil prices, alongside the price of Brent crude from the North Sea.Cushing, Oklahoma is the delivery hub.
Oil steady after U. traders watch Gulf of Mexico storm:- 24 Aug, 2017 :Crude inventories fell by million barrels in the week ending August to million barrels, down percent from their record levels last March.