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Global growth concerns push WTI down nearly 5%
The WTI front-month contract fell $2.54, or 4.6%, last week to settle at $52.72/bbl on Friday. Concerns of a global economic slowdown weighed heavily on prices. On Monday, Feb. 4, WTI fell 70 cents to $54.56/bbl. The decline was led by traders’ profit taking after a strong rise in prices during January. A strengthening dollar also weighed on prices, as higher dollar values make US crude cargos more expensive for foreign buyers. “Last week was a big week [WTI rose $1.57/bbl,......
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