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Home / Futures Blog / Crude oil futures push toward weekly losses

Crude oil futures push toward weekly losses

October 11, 2013 by Daniels Trading

Strengthening supplies prompted West Texas Intermediate crude oil futures to drop on Friday as the energy commodity dove toward its fourth weekly loss in the past five weeks, according to Bloomberg.

The International Energy Agency projected supplies to climb higher next year than any time since the 1970s, excluding production from the Organization of the Petroleum Exporting Countries. This week's loss is roughly 2.1 percent.

"Prices dropped after the IEA published their monthly forecast," analyst Hannes Loacker with Raiffeisen Bank International AG in Vienna told the publication on Friday. "If the IEA picture on the supply side is correct, there is a real risk that Brent prices will drop below $100 a barrel during 2014."

At 9:09 a.m. on Friday, WTI crude oil futures fell 1.83 percent, a $1.89 loss to $101.12 per barrel. Brent crude oil futures dropped 0.76 percent, an 85-cent slip to $110.95 per barrel.

Reuters reports the IEA projects the U.S. to become the world's largest producer of oil in 2014. Production in the globe's largest consumer of the energy commodity will push past that of Russia because of the shale oil boom, the organization stated in its monthly report.

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This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Archived News

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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