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WTI Extends Losses to 10% On The Week

OIL

Crude is lower again Thursday and on decent volumes. Crude around 50% more active in volume terms than average for this time of day, with losses extending to 10% since the Friday close.


  • Key drivers remain global risk-off and the correlation with equities, pressuring prices through the bear trigger at 36.93 and hitting the lowest levels since mid-June.
  • The re-opening of Libyan supply has also been a key factor, with the re-opening of Libya's El Feel field adding to Libya's production target of 1mln bpd.
  • Overnight, UBS cut their Brent target to $40/bbl for end-2020, a drop of $5 from their prior forecast.
Energy BulletsCommodities
Energy BulletsCommodities

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