Crude oil was back on the defensive Monday, as the OPEC-induced rally showed signs of fizzling amid apparent geopolitical and economic headwinds. In short: traders are still doubting whether the planned output cut announced on Friday will be enough to drain the supply glut in the face of waning economic growth and lower demand projections. […]
Oil prices faced a brisk selloff Thursday after investors caught wind of news that the Organization of the Petroleum Exporting Countries (OPEC) had agreed to reduce output by an unspecified amount. The Saudi-led cartel is reportedly waiting for Russia to come on board before declaring specific output levels for the new year. Crude Drops Both […]
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Crude oil was back on the defensive Wednesday, as rising U.S. inventories and uncertainty about OPEC production cuts undermined a modest recovery effort earlier in the week. Crude Slips The West Texas Intermediate (WTI) benchmark for U.S. crude futures fell 79 cents, or 1.5%, to $50.77 a barrel on the New York Mercantile Exchange. Prices […]
Crude oil was back on the defensive Tuesday, with U.S. futures prices plunging by as much as 6.2% on concerns of rising supplies and a cooling economy. A broad selloff in stocks and other risk-on assets also undercut commodity prices following a tepid recovery that stretched into Monday. Crude Prices Slump The West Texas Intermediate […]
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