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WTI oil prices experienced the largest weekly decline since early May.
As algorithm traders use market uncertainty to trade, crude oil has fallen, while traders weigh the different impacts of demand and US inventory declines. WTI settlement prices are around $77 per barrel, marking the largest weekly decline since early May. With commodity trading advisors (CTAs) selling and oil prices struggling in the background of a general decline in the stock market earlier this week, the price of oil has been difficult recently. "We need positive catalysts, and the current inventory reduction is expected and not enough to support buying on dips," said Rebecca, a senior energy trader at CIBC Private Wealth.
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