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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!!  Source: Wall Street Journal - By: Dan Molinski & Christopher Alessi - Graph: SIX
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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.  Source: Reuters.com - By: Florence Tan & Yuka Obayashi - Image: Tim Chong 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.  Source: Reuters.com - By: Christopher Johnson - Image: Richard Carson 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.  Source: Reuters.com - By: Alex Lawler - Image: Christian Hartmann 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.  Source: Reuters.com - By: Jessica Resnick-Ault - Image: Richard Carson/File Photo |
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