West Texas Intermediate crude oil futures marked a seventh-straight day of losses on Monday in the aftermath of a hurricane invading the Eastern Seaboard of the U.S. and cutting down on demand for the energy commodity, according to Bloomberg.
The bearish trend for WTI marks its lengthiest downward dip since the end of 2009. Oil-rich Libya is set to expand shipments of the energy commodity from two ports that have been shuttered for almost 12 months.
"The worst-case scenarios didn't happen over the holiday weekend, so there's a bit of relief," senior market analyst Phil Flynn with the Price Futures Group in Chicago told the news source on Monday. "Gasoline seems to be leading the way lower. Demand was impacted by the hurricane, although not as bad as some of us feared."
At 10:29 a.m. on Monday, WTI crude oil futures fell 0.58 percent, a 60-cent loss to $103.46 per barrel. Brent crude oil futures edged down 0.05 percent, a six-cent drop to $110.58 per barrel.
Reuters reports the energy commodity's losses were tempered by the news about the Ras Lanuf and Es Sider ports in the North African nation.
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