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WTI Crude Oil Heads to Longest Stretch of Losses in More than 30 Years

Summary:
Futures for both West Texas Intermediate and Brent crude oil fell today. North American crude was heading to the 10th consecutive daily loss — the longest stretch of losses since July 1984. One of the possible reason for the decline was the decision of a US judge to halt construction of the Keystone XL pipeline due to potential environmental damage. The pipeline was designed to bring crude oil from Canada to the United States. Another negative factor for crude was the report from Baker Hughes, which showed that the number of US oil rigs increased by 12 to 886 this week. It was the fourth increase in five weeks, and the oil rig count was the highest since March 2015. December futures for delivery of WTI crude oil dropped 0.66% to .24 per barrel as of 20:07 GMT on NYMEX today. Contract

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Futures for both West Texas Intermediate and Brent crude oil fell today. North American crude was heading to the 10th consecutive daily loss — the longest stretch of losses since July 1984.

One of the possible reason for the decline was the decision of a US judge to halt construction of the Keystone XL pipeline due to potential environmental damage. The pipeline was designed to bring crude oil from Canada to the United States.

Another negative factor for crude was the report from Baker Hughes, which showed that the number of US oil rigs increased by 12 to 886 this week. It was the fourth increase in five weeks, and the oil rig count was the highest since March 2015.

December futures for delivery of WTI crude oil dropped 0.66% to $60.24 per barrel as of 20:07 GMT on NYMEX today. Contract for delivery of Brent crude in January fell 0.61% to $70.22 per barrel on ICE.

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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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