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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.

“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…





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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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