Oil Prices Dip As China Considers Market Intervention

Oil prices dropped early on Wednesday after China said it was considering an intervention on the domestic coal market to reduce the record prices down to a “reasonable range.” As of 7:56 a.m. EDT on Wednesday, before the weekly EIA inventory report, WTI Crude prices were down 1.11% at $82.04, and Brent Crude was trading down by 0.96% to $84.26. Oil prices continued to fall from the multi-year highs reached early this past Monday, when WTI Crude hit the highest level since October 2014 at $83.73, and the international benchmark…