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Has The Oil Rally Reached Its Limit?

Despite various bullish geopolitical and fundamental factors, bearish sentiment appears to have reentered the market after a particularly long rally.

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Friday, May 3rd, 2019

The oil price rally ended this week, with rising U.S. inventories and production scaring away the bulls. Crude stocks soared by 10 million barrels and U.S. production rose to 12.3 mb/d in the last week of April. 

Iran warns OPEC is about to collapse. Iran’s oil minister said that OPEC may fall apart. “Iran is a member of OPEC for its interests and any threat from member states won’t go unanswered,” Bijan Namdar Zanganeh said, referring to Saudi Arabia’s apparent coordination with the U.S. on Iran sanctions. “I told [OPEC Secretary-General Mohammad] Barkindo that OPEC is in danger by the unilateralism of some members and the organization faces the risk of collapse.” Last year, Qatar quit OPEC, but it would be a much more significant development of Iran were to exit.

ExxonMobil to invest $2 billion in Baytown chemical plant. ExxonMobil (NYSE: XOM) said that it would move forward on a $2 billion expansion of its Baytown, TX chemical facility. The investment is the latest in the company’s “Growing the Gulf”…

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