Price of WTI Fell by About US4.70/B in the First 15 Days of June,but the Market Fundamentals Are Still Creating Upward Pressure on Prices

摘要

The futures price of West Texas Intermediate (WTI) fell by US80.86/b on 14 June to close at US35.79/b for July contracts,which left it US4.74/b below the peak of US42.33/b reached at the clsoe of trading on 1 June.The downturn in prices,which began on 2 June,on the eve of the OPEC Conference in Beirut,and which reflected expectations about the outcome of that meeting,brought WTI down below the psychologically signfiicant US40/b barrier,which it has not breached again since 1 June.