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Oil drops after IEA monthly report

FXStreet (Mumbai) - Oil benchmarks – WTI and Brent- fell into losses after the monthly report from the IEA said the OPEC is determined to continue its strategy of defending the market share.

At the time of writing, the WTI Jan futures were down 1% or 40 cents at USD 36.38/barrel. Brent futures were down 1.22% or 48 cents at USD 39.20/barrel.

Prices were swinging between minor gains and losses before the selling gained traction on IEA report. The Pairs based agency did revise its global demand forecast higher, but maintained the supply glut will remain an issue at least till end-2017.

The traders now await the rig count data in the US, due later today.

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