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11/9, 11:38 AM (Source: TeleTrader.com)
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Brent dips under $70, WTI falls below $60 per barrel

Investors took benchmark contracts for the delivery of crude sharply lower on Friday, which was helped only marginally by the dollar's strengthening after a monetary policy report from the United States Federal Reserve. The selloff intensified after West Texas Intermediate fell more than 20% from its last peak, landing in bear market. Uncertainties about the trade disputes between the US and its trading partners lingered, on top of the country's rising production, which reached a record.

In other news, the Financial Times reported Iraq may allow the Kurdish autonomous region to restart oil exports through Turkey. Earlier, the US granted exemptions to several countries from sanctions against Iran. The move is certain to weaken the impact on its shipments of the commodity.

WTI for settlement next month slumped 1.43% to $59.8 per barrel at 11:27 am CET, the lowest point since February 15. Brent oil for January dipped under $70 and traded 1.34% down at $69.7 for one barrel, a level last seen on April 10. The session low was 19.64% down from the four-year high, reached in early October.

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