Front-month WTI crude contract falls below $100 a barrel for the first time since July 8, and the downward trend is likely to continue in the short term, says Dominick Chirichella of the Energy Management Institute. A bearish undertone remains, with U.S. oil inventories likely to build for a few more weeks as the U.S. and Europe are still in refinery maintenance season and the winter heating season is still to come. The positive meeting between Iran and the West resulted in the Iranian risk premium starting to slowly dissipate, he says. Nymex November crude is -92 cents, or 0.9%, at $99.89/bbl. ICE December Brent is -35 cents, or 0.3%, at $109.59/bbl.
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