• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 10 hours EU has already lost the Trump vs. EU Trade War
  • 2 days Science: Only correct if it fits the popular narrative
  • 3 hours Impeachment S**te
  • 2 days Crazy Stories From Round The World
  • 13 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 17 hours Everything You Need To Know About Trump
  • 10 hours 55.00 WTI
  • 12 hours Water, Trump, and Israel’s National Security
  • 1 day IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Iran Burning: Shock Gas Price Hike Triggers Violent Protests After Subsidy Cuts
  • 9 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 1 hour Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 2 days Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 2 days ‘If it saves a life’: Power cut to 1.5 million Californians
  • 17 hours Last I Checked
Alt Text

Canadian Oil Prices Crash After Keystone Spill

Canadian crude continues to trade…

Alt Text

Economic Uncertainty Leaves Oil Markets Paralyzed

The Federal Reserve cut interest…

Alt Text

A Bear’s Guide To Oil Markets

2019 hasn’t been the year…

Martin Tillier

Martin Tillier

More Info

Premium Content

Oil Looks Set For A Significant Drop As Bad Data Piles Up

The last 72 hours have not been good for the prospects for the global economy, and therefore for the price of oil.

On Thursday, the European Central Bank (ECB) surprised most observers by reversing course on monetary policy. They announced that they were suspending interest rate increase, at least until the end of this year, hinted that they may even return to cuts and possible negative rates, and reintroduced a program of discounted lending to banks designed to promote growth. In some instances, loose monetary policy like that could be well received by the market, being seen as a needed and welcome shot in the arm. The problem here though is not the actions taken, but the reason for them.

Mario Draghi, the ECB Chairman talked of risks to growth that were “…still tilted to the downside…” and cut the bank’s estimate for growth in the Eurozone from December’s 1.7% to a very weak 1.1%. He also mentioned negative rates, which suggests to many analysts that even that may be optimistic.

Now after news from China and the U.S. on Friday, Draghi’s pessimism looks warranted and more like a serious warning than anything.

China released their balance of trade data last night that showed a drop in exports of well over twenty percent from a year ago. Imports were also down significantly, indicating that while the ongoing trade dispute with the U.S. is definitely a problem, the country is a deeper-seated growth issue for…



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play