Meanwhile, WTI inventories rose by 375,000 barrels to 388.5 million in the week ended Nov. 15, the highest since June 21, on the back of increased output from hydraulic fracturing, or “fracking,” in shale oil production. [WTI Linked ETF Slips to Four-Month Low on U.S. Oil Boom]
“We have increasing crude oil supplies here in the U.S.,” John Kilduff, a partner at Again Capital LLC, said in the article. “WTI is under pressure. The market is very skeptical that a deal is going to be achievable. That’s helping Brent disproportionately.”
United States Brent Oil Fund
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Max Chen contributed to this article.