After Touching a New High of 78.77/B,the Price of WTI Lost 6.62/B in Five Days

摘要

Oil prices have been on a roller coaster over the past week.Whereas only a few days ago traders were assuming that prices would continue their apparently relentless ascent and were expecting them to reach 80/b or more,by 8 August several of them were anticipating a short-term drop to below 70/b.On the New York Mercantile Exchange(Nymex),the price of light sweet crude touched 78.77/b for September contracts during trading on 1 August,setting a new record for this crude since it started to be quoted on the Nymex.On 8 August,however,the price closed at only 72.15/b,representing a drop of 6.62/b in just five days' trading.On one day alone,6 August,the price for September deliveries collapsed by 3.42/b to 72.06/b.