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Rebound Rally In Oil Is Still Gaining Momentum

U.S. West Texas Intermediate crude oil futures proved to be resilient this week, rebounding from a steep sell-off early in the week to post a new high for the year on Friday. The early in the week weakness was fueled by comments from President Trump, while the rally late in the week was helped stronger-than-expected U.S. economic data.

The lack of fresh developments over U.S.-China trade relations weighed on prices at times as well as increased U.S. production. However, both concerns were offset by the OPEC-led production cuts which continued to tighten the global supply, and an unexpected drop in U.S. crude oil inventories.

Trump Not Happy With OPEC-led Output Cuts

The week started with WTI oil prices tumbling more than 3 percent on Monday after President Trump publicly urged OPEC to lower crude oil prices.

“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” Trump said in an early morning tweet.

Trump’s tweet was in response to the OPEC-led production cuts which began on January 1 and have been successful enough to trim the global supply glut. OPEC, along with its major ally Russia, meet in mid-April to review the deal, which is scheduled to last through the first six months of 2019.

Saudi Oil Minister Brushes Aside Trump’s Comments

Crude oil prices stabilized mid-week after Saudi Energy Minister Khalid al-Falih said OPEC is taking a measured approach…

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  • bob spano on March 03 2019 said:
    I read recent article that stated oil going to $150//bbl because of Iranian conflict.
    Trumps response would be, "Go ahead Iran . . . Make my day."
    If Iran threatens the World Economy its goodnight Iran.
    New oil supplies . . US, Brazil, Guyana, S. Africa, Sudan, Nigeria, etc, etc, along with the accelerated Electric Vehicle demand spells the end to Saudi oil extortion. Tell Saudis the oil markets will "balance" and "stabilize" approx. $50. This probably means the end to the House of Saud. OPEC, BP, Hess, Harry Hamm and all the others that want $80 oil stop complaining , its call "Free Markets" .

    With new technology Hess Energy NEW wells in 2018 are getting a 55% return AT $50.00 WTI. Obviously this bodes badly for OPEC and small U.S. frackers. The IOC's and Larger Shale companies can afford the upfront technology to reap the rewards. OPEC's lifting cost of a barrel of oil is $4.00. Unfortunately they need $83/bbl to fund there budget.

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