: Oil futures settle lower after recent run-up to the year’s highs
Oil futures settled lower for a second straight session on Wednesday, easing back after a run-up early this week to the year’s highest prices. “We do feel some consolidation is warranted until we see the next leg higher,” Tariq Zahir, managing member at Tyche Capital Advisors, told MarketWatch. Still, “the weight of the continued supply production cut through the end of the year by Saudi Arabia and Russia…is not a matter of if, but a matter of when prices will break $100.” October West Texas Intermediate crude CLV23 fell 92 cents, or 1%, to settle at $90.28 a barrel on the New York Mercantile Exchange on the contract’s expiration day. The new front-month contract, November WTI crude CLX23 settled at $89.66, down 82 cents, or 0.9%.
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