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Oil prices for WTI and Brent move in opposite directions

Oil prices have gone in opposite directions today, with WTI moving up on lesser amounts of crude from Canada, while Brent dipped.

U.S. WTI futures rose by 70 cents to $62.38 per barrel compared to the last end of session. Increase in WTI prices was a response to a lessened amount of oil from Canadian Keystone pipeline, where at the end of last year a leak was detected and since then it has not been operating at full capacity, reducing flows into the U.S.

Global Brent price fell in view of a decline in Asian stocks and a higher dollar, which could bring down demand as fuel becomes more costly for states that use their own currencies.

Brent futures lost 19 cents, going down to $65.48 for a barrel from the last settlement. This kind of price movement has strongly diminished WTI’s discount to Brent to about $3.22 a barrel today, whereas at the end of last year it was above $7.

Generally, oil markets are still propped up by OPEC’s supply curbs, which began in 2017 aiming at stopping global oversupply. OPEC member-states adhere to the agreement of production cuts for January by 133%, Mohammad Barkindo of the organization said yesterday.


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