Although the U.S. Energy Information Administration (EIA) reported a decline in US crude oil output in August, the reduction was comparatively small at just 45,000 barrels per day.
A renewed rise in oil production in the Gulf of Mexico in particular prevented any more pronounced decrease. Meanwhile, financial investors are withdrawing from their oil investments and are thus also generating selling pressure. The week to 27 October saw speculative net long positions in WTI fall by 20,600 to 139,200 contracts, notes Commerzbank.
