Oil took its cue from global stocks Monday at the end of a volatile holiday trading period that has seen equities and oil bounce between steep losses and steep gains. WTI Crude is $$46.28; Brent is $54.42 this morning. HAPPY NEW YEAR!!
The Energy Information Administration (EIA) releases its report at 11 a.m. today reporting oil stock levels. U.S. sanctions on Iranian exports took effect last month with government and ship-tracking data showing buyers of Iranian oil in Asia hitting their lowest levels more than five years. WTI Crude is $44.72; Brent is $51.83.
Crude oversupply has combined with faltering investor sentiment in other asset classes, producing a bear market for oil. Traders need to apply more concrete evidence on improving fundamental metrics and for the supply-demand relationship to come back in balance. WTI Crude is $45.62; Brent is $53.59 this morning.
Crude got caught up in wide financial market weakness such as the U.S. government shutdown, higher U.S. interest rates, U.S.-China trade dispute and worries over global growth. Concerns in the oil markets were unnecessarily magnified by computerized trading models unnerving investors. WTI Crude is $42.64; Brent is $50.47 this morning.
OPEC and its allies agreed this month to cut oil production by 1.2 million barrels per day from January. Oil ministers are already taking to the airwaves with a ‘price stability at all cost’ mantra say analysts. WTI Crude is $44.77; Brent is $53.42 this morning.
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