WTI Settles Below $43 a Barrel on Wednesday

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While Brent crude managed to eek out a slight gain for the day, West Texas Intermediate settled below $43 a barrel on Tuesday as traders worried about an uptick in domestic drilling, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, September West Texas Intermediate crude fell by 21 cents, or 0.5%, to end trading at $42.92 a barrel, marking the lowest settlement since April 25.

On the London ICE Futures Exchange, September Brent crude, the global benchmark, added 15 cents, or 0.3%, to settle at $44.87 a barrel.

“The pullback which we are experiencing for [WTI] oil was very much expected and it is likely that we may fall under $40, and that could be a good opportunity to build your position back up,” said Naeem Aslam, chief market analyst at ThinkMarkets.

Meanwhile, August natural gas fell 3.5 cents, or 1.3%, to settle at $2.712 per million British thermal units on the New York Mercantile Exchange.