Sign in to follow this  
Followers 0
rainman

Oil Slumps 5% To Seven-Month Low On Trade Tensions, Surprise U.S. Stock Build

Recommended Posts

Oil prices tumbled up to 5% on Wednesday to a fresh seven-month low, extending recent heavy losses following an unexpected build in U.S. crude stockpiles and fears of lower crude demand due to deepening U.S.-China trade tensions. After seven weeks of consecutive crude drawdowns, “there was a thought that today’s report would turn oil’s fortunes around,” said John Kilduff, partner at Again Capital LLC in New York. “That support got taken out of the market.” The EIA earlier this week reduced its forecast U.S. demand for crude and liquid fuels, expecting it to rise 210,000 barrels per day (bpd) this year - 40,000 bpd lower than its forecast last month. “The market continues to trade lower on concerns about demand growth and the idea that economic growth can be impacted by the trade war,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford Connecticut.

Share this post


Link to post
Share on other sites

Not a good news for global sentiments...

Share this post


Link to post
Share on other sites

No surprises in it.

Share this post


Link to post
Share on other sites

Power and oil. The petroleum industry has shaped the world more than any other factor, political, economic, social, or environmental, over the past several decades - for better or worse.

Share this post


Link to post
Share on other sites

There’s an oversupply (and reports shows that China has been secretly buying oil from Iran, and that oil is waiting and it has yet not seen the market) meaning that oversupply will most likely keep growing. Also, the global slowdown; trade war will most likely reduce oil demand.

Share this post


Link to post
Share on other sites

Wait for it to drop more, buy low SELL HIGH!!   It will rebound, geeeeez

  • Upvote 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  
Followers 0