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Crude Oil slipping half a percent to the weakest closing price since Feb

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U.S. West Texas Intermediate crude futures settled 25 cents lower at $53.25 per barrel, slipping half a percent to the weakest closing price since Feb. 12. Earlier in the session, WTI hit a session high of $54.63 per barrel.

Concerns that a U.S.-China trade war, and threats of tariffs on Mexico from the United States, would diminish global crude demand, however, weighed on oil prices.

“Focus has shifted from the supply to the demand side as a U.S.-China trade agreement has proven elusive and as worries over the debilitating effects of tariffs on global economic growth have now shifted to Mexico,” Jim Ritterbusch of Ritterbusch and Associates said in a note. – read more

Most of the movement for oil has been based on “economic concerns of weakened growth because of the potential impact of [the] trade situation,” said James Williams, energy economist at WTRG Economics. U.S. tariffs on Mexican goods have added to the concerns about China, he said. – marketwatch.com

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Brent Crude

A Huge Decline In Oil Replacement Ratio

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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

https://oilfieldforums.com/threads/oil-industry-only-replaces-1-in-6-barrels.132/

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Commodities

For eighth straight session U.S. crude oil keeps going lower

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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

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