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OIL: Prices Decline Further on News of OPEC+ Delay.

OIL
BulletEnergy BulletsCommodities
  • OPEC+’s continued indecision around supply sees another delay to any planned increase in production for at least three months.
  • OPEC+ suggests that they still intend to add supply to the market next year but for now will gradually unwind the production cuts currently in place, from April next year.
  • In what appears somewhat an indecisive result, it is more a reflection of China’s economic woes and the increase in supply in the US in response to the Trump election win.
  • Demand for oil has dropped for six successive reporting periods in China at a time the US output ramps up and news of new supply coming from Brazil and Canada.
  • WTI had finished Wednesday at US$68.63 only to trade lower throughout the US trading day, hitting a low of $67.98 before finishing at $68.45.
  • It then traded down in the morning session to $68 before recovering to $62.30.
  • For the week WTI is up +0.40%.
  • Brent had finished Wednesday at US$72.31to trade down at $71.80 before finishing at $72.17.
  • It traded down to $71.50 in early trading before recovering to $72.00.
  • For the week Brent is off -1.25%. 
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  • OPEC+’s continued indecision around supply sees another delay to any planned increase in production for at least three months.
  • OPEC+ suggests that they still intend to add supply to the market next year but for now will gradually unwind the production cuts currently in place, from April next year.
  • In what appears somewhat an indecisive result, it is more a reflection of China’s economic woes and the increase in supply in the US in response to the Trump election win.
  • Demand for oil has dropped for six successive reporting periods in China at a time the US output ramps up and news of new supply coming from Brazil and Canada.
  • WTI had finished Wednesday at US$68.63 only to trade lower throughout the US trading day, hitting a low of $67.98 before finishing at $68.45.
  • It then traded down in the morning session to $68 before recovering to $62.30.
  • For the week WTI is up +0.40%.
  • Brent had finished Wednesday at US$72.31to trade down at $71.80 before finishing at $72.17.
  • It traded down to $71.50 in early trading before recovering to $72.00.
  • For the week Brent is off -1.25%.