WTI drops briefly back below $52.00 amid risk off market conditions
WTI has been on the back foot on Friday dropping from the high $53.80s to around $52.00.
Demand concerns amid further lockdown restrictions in Europe, coupled with other global risk-off factors have weighed.The front-month futures contract for the American benchmark for sweet light crude oil, West Texas Intermediary (WTI), has been on the back foot on the final trading day of the week. In early Friday Asia Pacific trade, WTI futures climbed as high as $53.81, not even 10 cents from the 11-month highs set earlier in the week at $53.90, but have seen substantial downside since then (in fitting with other risk assets). WTI has dropped all the way back to the $52.00 level and printed lows at $51.82. At present, front-month WTI futures trade around $1.50 or close to 3% lower on th...