Crude Futures Slip After Month of Steady Gains

摘要

Oil slipped on Tuesday, and the spread between WTI and Brent crude futures widened as some traders bet that the recent rapid runup in US prices had gone too far, while others held tight ahead of a Federal Reserve meeting. The fall in oil futures follows a rally in both benchmarks to multi-month highs above $109 in mid-July, which attracted bullish speculators and large hedge funds into the market. US crude in particular had rallied to a 16-month high as infrastructure developments allowed oil in landlocked Cushing, Oklahoma, the delivery point for US futures, to flow to coastal markets.