• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
Editorial Dept

Editorial Dept

More Info

Premium Content

Negative Sentiment Drives Oil Lower

refinery

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures prices were hit on all fronts this week with the markets in a position to finish the week sharply lower. Especially significant is the evaporation of the risk premium in crude oil prices placed by traders last week following the attacks on Saudi Arabian oil facilities.

A combination of bearish supply and demand news helped fill in the price gap left by the strong jump in prices last week, which indicates dampened concerns over an escalation of tensions in the Middle East and increased worries about demand. Essentially, the price action suggests traders are thinking, “If demand is weak, it doesn’t really matter if supply is reduced.”

A number of factors pressured prices throughout the week including U.S.-China trade relations, Saudi facility repairs, rising U.S. supply and U.S-Iran sanctions.

Traders Worried About Trade Deal

Early in the week, crude oil prices were supported by optimism over improving U.S.-China trade relations with both sides making gestures the past two weeks to ease tensions. Prices tumbled, however, after President Trump said he would not accept a “bad deal” with China. This raised concerns that the two sides were still far apart, reducing the chances of a trade deal at their October 10-11 high-level trade talks.

EIA Reports Large Inventories Build, Rising Production

Prices were further pressured on Wednesday…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News