WTI Crude Drops a Second Day; Saudi Exports Fall to 15-Month Low
This article is for subscribers only.
West Texas Intermediate oil fell for a second day, extending the biggest drop in two weeks. Saudi Arabia’s crude shipments slid to a 15-month low in December.
New York crude declined as much as 0.6 percent before a scheduled trading halt for the U.S. Presidents Day holiday. Saudi Arabia exported 7.06 million barrels of crude a day in December, the least since September 2011, according to the Joint Organizations Data Initiative. Saudi Arabia has ample supply and will cut exports further, Christof Ruehl, chief economist at BP Plc, said in an interview from London. Brent’s premium to WTI narrowed.