Crude oil prices came under a sudden selling pressure and made a sharp correction in the last hour. After advancing to its highest level since late 2014 above $75, the barrel of West Texas Intermediate lost around $1.5 in a matter of minutes and turned negative below $74. At the moment, the barrel of WTI is down 0.5% on the day at $73.60.
On the other hand, the barrel of Brent also lost more than $1 and retraced the majority of its daily upside. As of writing, Brent was trading at $77.80, up 0.65% on the day. Earlier today, Brent was up as much as 1.5%.
Although there were no clear catalysts behind that recent fall, market rumors of Canadian producer Syncrude possibly resuming its activity as early as next week seem to have heightened the expectations of the supply increasing earlier than anticipated.
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