WTI and Brent Crude Drop on Wednesday

Oil prices suffer their largest drop in a month on Wednesday, snapping their longest run of gains since 2010, according to Bloomberg MarketWatch.

August West Texas Intermediate oil lost $1.94, or 4.1%, to settle at $45.13 a barrel on the New York Mercantile Exchange, posting its first loss in nine sessions.

September Brent crude, the global benchmark, slumped $1.82, or 3.7%, to end trading at $47.79 a barrel on the London ICE Futures Exchange.

After oil in June dropped lower than pre-OPEC agreement levels, speculation rose that the major oil producers could extend the accord even further or deepen the cuts.

Meanwhile, traders are looking ahead to the weekly domestic production data.

The Energy Information Administration will release its figures on Thursday, a day later than usual because of Tuesday’s holiday. The American Petroleum Institute’s report is due out late Wednesday.

Analysts polled by S&P Global Platts expected the EIA to report a decline of 1.6 million barrels in crude stockpiles for the week ending June 30.

August natural gas shed 11.1 cents, or 3.8%, to settle at $2.84 per million British thermal units back on the New York Mercantile Exchange.


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