Saudi Arabia to float the idea the alliance could cut output, although Russian media reported the group wasn’t discussing such a move at present.
The main theme “is pessimistic macro-economic expectations, coupled with tight supply from low inventories,” said Zhou Mi, an analyst at Chaos Research Institute in Shanghai, which is affiliated with Chaos Ternary Futures Co.WTI for October delivery was down $1.15 to $90.49 a barrel at 10:26 a.m. in New York.The contract has lost about 13% in AugustKey time spreads suggest that tightness in the market has eased.
“This just seems like a violent retracement in prices and spreads in oil after they failed to maintain their strength yesterday in what is an extremely illiquid market,” said Scott Shelton, an energy specialist at ICAP. An insight into market conditions in the US will come later Wednesday when the Energy Information Administration issues its weekly analysis of supply and demand. On Tuesday, the American Petroleum Institute reported a modest build in nationwide oil holdings, although there was a drop at the key storage hub in Cushing, Oklahoma, according to people familiar with the figures.
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