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Oil Prices Set for Third Weekly Loss in a Row

Oil Prices Set for Third Weekly Loss in a Row

OPEC+'s potential supply increases have…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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Crude Recovery Hinges On U.S.-China Trade Deal

Oil trader

U.S. West Texas Intermediate crude oil futures opened the new month under pressure, continuing the assault on prices that began on the third day of trading in October when the market was touching a multi-month high. At the start of the month the talk was bullish with predictions of another $10 to $20 to the upside. By the end of the month, the forces driving the market lower had wiped out 2-1/2 months of gains.

Traders blamed the weakness on a number of factors including the strong U.S. Dollar, stock market volatility and weakness, the escalating trade dispute between the United States and China, and rising global supply. The narrative that the market was “fragile” and that there were spare capacity issues seemed to disappear overnight. Instead, the focus shifted to the possibility that the market was oversupplied.

The steep sell-off in the U.S. equity markets and heightened volatility also weighed on crude oil prices. According to energy expert John Kilduff, an unusual phenomenon affecting crude oil and stock market weakness took place in October. Kilduff said that oil and the stock market embarked on the closest trading relationship since early 2016 and during the financial crisis sell-off.

“A lot of folks like to trade crude oil and other commodities…





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  • Viren on November 04 2018 said:
    This topic is good.

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