Carsten Fritsch News

Oil Heads for Third Straight Weekly Loss

(WTI) futures are set for a second straight yearly loss, the first time that will have happened for the U.S. oil pricing benchmark since 1998. "Prices are falling on continued bearish sentiment and maybe WTI has fallen on the conviction that it was priced too high against Brent," said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt. The WTI-Brent spread fell to the lowest in 11 months earlier this week at $1.10 a barrel. The differential has since recovered to $2.29 as WTI made bigger losses. Traders were preparing for even lower crude prices next year by taking up