Oil Opens a New Window. prices were mixed on Tuesday ahead of data expected to show U.S. crude stocks Opens a New Window. declining, outweighing investors’ concerns that U.S.-China trade tensions Opens a New Window. could dampen fuel demand. – Foxnews.com
why isn’t oil surging back to $100 a barrel?
The principal reason is global oil traders are more worried about the slowing global economy, which on their modeling translates to falling demand and prices.
The other big difference from earlier shocks is the rapid shift of the US from energy importer to exporter.
By late last year, the US powered past both Russia and Saudi Arabia to be the largest oil producer on the planet.
The US shale producers have proved themselves to be nimble at either ramping up or down production, responding quickly to price changes in the global market. – https://www.abc.net.au
Crude oil prices could plunge lower
Saudi Arabia has restored half of the crude product that was lost to devastating attacks on its oil industry, and the kingdom said output will be fully restored by the end of this month.
If we don’t see any new drone attackS on Saudi oil infrastructure we could see Crude oil prices going even lower. Before the oil attacks against Saudi oil infrastructure, the Crude oil prices were already heading lower.