14.08.201423:08:31UTC+00WTI set for fourth straight losing week

West Texas Intermediate is on track to record its fourth consecutive weekly decline behind rising supplies around the world and sliding demand in the US.

Futures for the American crude benchmark with a delivery date in September were mostly unchanged today after shedding off a two week high amount of $2.01, or 2.1%, from its value yesterday to close at a price per barrel of $95.98, the lowest since January 21st. It was trading mid morning Sydney time on the New York Mercantile exchange down 4 cents with a price of $95.54. Trading volume was approximately equal with the 100 day average. Prices for WTI have dropped 2.1% for the week so far.

Downward pressure has been applied on crude prices with help from the International Energy Agency which said last week that a glut of oil supplies globally is protecting the energy market from potential disruptions including those coming from unrest in the Middle East. Data from the Energy Information Agency shows that oil production in the US rose last month to its highest since April 1987. The US is currently the world’s largest consumer of oil.

Brent, the European benchmark, saw its contract for September expire yesterday, but not before losing another 2.2%, or $2.27, for a price per barrel of $102.01 in London’s ICE Futures Europe exchange. Its futures with a delivery date in October similarly decreased by $2.99 for a price of $102.07. Brent closed with a premium over WTI of $6.43.