Independents play a significant role in America’s oil and gas industry contributing 83 percent of the country’s oil output. Their entrepreneurial spirit and willingness to take on risk spawns innovation and creates jobs, adding to U.S. gross domestic product. WTI Crude is $55.47; Brent is $65.12 this morning.
There is optimism in the oil markets after inventory data confirmed that the supply glut isn’t building. The API reported a 5.27 million-barrel drop last week in US crude stockpiles. WTI Crude is $58.76; Brent is $68.86 this morning.
Oil prices fell more than 2% on Wednesday as China signaled it would use the rare earths card in its trade war with the US, stoking concerns that an ongoing stand-off could hurt crude demand. WTI Crude is $57.93; Brent is $68.81 this morning.
Brent crude traded around $70 a barrel as a two-day rebound eased on signs the U.S. and China are still far from reaching a trade deal, but prices remained supported by supply risks in the Middle East. WTI Crude is $$58.60; Brent is $69.17 this AM.
Yesterday’s price slide had nothing to do with oil market-specific factors. Anxiety over trade wars and geopolitical risks overshadowed supply fundamentals. The drop in oil prices may give OPEC more incentive to extend their production cuts beyond June. WTI is $58.63; Brent is $68.65 this morning.
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