Oil falls for a third day, but is still looking at its est January in five years
London — Oil fell for a third day on Wednesday, but remained on track for its biggest gain in January in five years, in spite of data that showed US crude stocks rose more than expected last week and a broader sell-off in other commodities, stocks and bonds. Brent crude, the global benchmark, was down 49c at $68.43 a barrel by 10.15am GMT, after touching a two-week low earlier in the day. US West Texas Intermediate (WTI) futures were down 39c at $64.11. On Tuesday, US crude fell 1.6% to close at $64.50 a barrel, far outpacing a 0.6% drop in the price of Brent. "The extent of the latest pullback in oil prices has taken many by surprise. Whether this weakness will be short-lived or are we witnessing the precursor to a violent downside correction remains to be seen," PVM Oil Associates strategist Tamas Varga said. "Still, what is apparent is that positives are increasingly in short supply for skittish buyers and the early-year optimism is hanging by a thread." Prices of WTI and Brent a...
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