Check out this swing in WTI!
OIL PRICE MARCH MADNESS
Interesting oil tidbits for March.
March 30th, 2017
Oil tries to hold above $50!
Trump has plans for America but even Exxon thinks the US should be 'climate minded'...
Trump Signs Executive Order on Energy Independence
President Trump moved aggressively to undo his predecessor’s carbon-cutting commitments, promising "a new energy revolution" that would unleash America’s abundant energy riches. Bloomberg's Jennifer Dlouhy and Tim Loh report on "Bloomberg Markets." (Source: Bloomberg)
March 12th, 2017
Technical traders are absolutely demolishing $50+ club...
Market forces outlined by OilPrice.com below.
March 9th, 2017
U.S. production surging...
Price per barrel tumbles...
US oil production has forced another supply glut as the black gold gets completely denied at $55 while the world attempts a grand market rebalancing. A surge in demand is the only hope for oil above $50/barrel.
Oil price drops below $50 per barrel for first time since December as US glut continues
Oil dropped below $50 (£41.15) for the first time since December after concerns that OPEC's output cuts aren’t tempering a surplus in the US triggered the biggest slump in more than a year. Futures dropped as much as 2.2 per cent in New York to $49.20 after losing 5.7 per cent the previous three sessions. Stockpiles rose 8.2 million to the highest level in weekly government data since 1982.
"$55 is looking like a serious barrier. The infamy of the $50 inflection point remains. Will oil retest $40?"
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