Crude oil prices fall to six-month lows on refinery outlook


West Texas crude prices tumbled to six-month lows today while Brent fell to the lowest level this year amid speculation that refineries will slow operations, reducing crude demand.

WTI for Sept. delivery fell $0.91 (0.9%) to close at $97.38/bbl on the New York Merc, the lowest settlement since Feb. 5, while Brent for Sept. settlement fell $0.80 (0.8%) to $104.61/bbl on the ICE Futures, the lowest close since Nov. 7.

Prices have been falling since the July 31 announcement that CVR Refining's (CVI, CVRR) 115K bbl/day Coffeyville refinery that gets oil from Cushing, Okla., may be offline for most of August after a fire.

“The loss of $10 in value in six weeks can’t be explained by weak fundamentals alone,” says a broker, adding "Until there’s a major event, prices will be under downward pressure.”

ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI

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