Mexico Platform Fire And U.S. Oversupply Cause Oil Prices To Yo-Yo – 8 November, 2017

Crude closed 0.7 percent lower in New York as platform closures due to a fire in the gulf of Mexico caused prices to rise and fall, while U.S. oversupplied pulled prices down. U.S. supply climbed by 0.7 percent to 9.62 barrels per day last week, the highest seven day figure since 1983. West Texas Intermediate December delivery settled 39 cents lower to $56.81 per barrel, while Brent’s January settlement dropped 20 cents to $63.49.