Oil Opens a New Window. prices slumped to a three-month low Friday as concerns about President Trump’s trade policy Opens a New Window. and the slowdown in the Chinese economy Opens a New Window. cast doubt on the outlook for global demand.
Front-month Brent crude futures, the international benchmark, traded down 2.6% at $63.60, having earlier dipped to their lowest level since mid-February. U.S. benchmark WTI dropped 2.4% to $55.25, its cheapest price since early March. read more @ FoxBiz
A Huge Decline In Oil Replacement Ratio
Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) year-to-date, according to Rystad Energy’s latest global discoveries report.
This means that only 1 bbl out of every six consumed is being replaced by new sources. This is the lowest replacement ratio we have witnessed in the last 2 decades,” Shenga added
For eighth straight session U.S. crude oil keeps going lower
Equities have snapped back from sharp early losses but not so much for crude oil (USO -1.1%), as WTI is on track for its eighth straight down day amid global economic growth slowdown, oil demand and signs of excess supply; November WTI -1.4% to $51.89/bbl. – seekingalpha
Saudi Arabia energy minister Prince Abdulaziz bin Salman says the country has fully restored production after last month’s attacks on its facilities and is now focusing on Aramco’s listing. – fracnews.com
Crude oil markets show support
The $50 level underneath will probably be attempted but a short-term bounce may happen between now and then. The $55 level underneath is massive support, so breaking down below there would not only break the bottom of a hammer. – finance.yahoo.com