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WTI Holds Losses Despite 8th Weekly Crude Draw In A Row
Article By:
Tyler Durden
Tuesday, August 6, 2019 4:48 PM EST
An ugly day in the energy complex saw WTI tumble to a $53 handle as US-China trade tensions were anything but calmed (despite the equity market's exuberance).
Crude Oil Outlook: Oil Prices Bounce From Fresh Low, Finds Resistance
Article By:
DailyFX
Monday, August 5, 2019 4:36 PM EST
While June and the first-half July saw a semblance of support develop after a brutal month of May, the past few weeks, particularly the period after the FOMC rate cut, have seen a return of bears as prices have pushed down to a fresh seven-week-low.
The Oil War Is Only Just Getting Started
#OPEC can very well try to appear unfazed but their influence on the global #oil market has been on a decline for quite some time. What we are seeing now is a perfect example of their waning influence. They've gone through considerable lengths with the current production deals in order to prop up the oil price. The end result is a stabilization around $50 - $60. The rebound in US oil rigs ensures that the oil price will never reach its previous highs. $OIL $UCO $USO