• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 10 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 2 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 1 hour During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 12 hours Apology Accepted!
  • 4 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 15 hours U.S. natural gas at major disadvantage in Europe and China.
  • 16 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 3 hours Why Oil could hit $100
  • 4 hours The Political Genius of Donald Trump
  • 16 hours Putin Paid Militants to Kill US Troops
  • 21 hours CoVid in Spain, 9 months before China
  • 21 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 21 hours The world is headed for big problems - interview with very smart economist

Breaking News:

OPEC Production Falls To Three Decade Low

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Premium Content

Flurry Of Bearish News Sends Oil Lower

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower on Friday, threatening to erase this week’s gains just one day after the markets hit a four-month high. The price action is being driven by uncertainty over domestic and global economic growth on future demand. Despite the worries, the market continues to be supported by the OPEC-led supply cuts and the U.S. sanctions against Iran and Venezuela.

On Thursday, both WTI and Brent crude oil hit new highs for the year, but both showed little follow-through to the upside when they took out the previous day’s high. In fact, both closed lower which indicated the selling may be greater than the buying at current price levels. The price action also suggested investors aren’t willing to buy strength at current levels.

When investors aren’t confident enough to buy strength, it usually means they are waiting for a catalyst. They have probably grown tired of the narrative about the “OPEC-led production cuts underpinning the market” and would probably like to hear some positive news about the progress of U.S.-China trade talks.

Until they get this news, we’re likely going to see a lot of “backing and filling” on the charts as bullish investors are becoming more cautious about chasing the market higher and would most likely prefer to buy on breaks rather than on strength.

Renewed Concerns Over Demand

Worries…





Leave a comment
  • Tripp Mills on March 24 2019 said:
    Bearish news??? IM SO SURE!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News