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Commodities Briefing - Categorized | Oil, Price Watch more

Why oil prices dropped on API inventory data

Posted on 23 October 2013

West Texas Intermediate (or WTI) crude (priced at Cushing, Oklahoma) is the benchmark crude for US oil. So movements in WTI oil prices are a major driver in the valuation of domestic oil producers.
Higher oil prices also incentivize producers to spend more money on drilling, which results in increased revenues for oilfield service companies (companies that provide services such as drilling, fracking, and well servicing). Consequently, WTI prices are an important indicator to watch for investors who own domestic energy stocks………………………………………..Full Article: Source


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