maandag 10 juli 2017

WTI Tumbles Back To $43 Handle Despite Desperate OPEC Jawboning

Despite headlines from Kuwait's oil minister that Nigeria and Libya had been asked to joing OPEC/NOPEC discussions with the view of agreeing to a production cap, crude prices are tumbling once again this morning, not helped by dramatic price targetr cuts by BNP and Macquarie. As Bloomberg reports, oil fell from the lowest closing price in two weeks as talk of Libya and Nigeria being requested to cap their production failed to dispel doubts about the effectiveness of OPEC’s cut...


Futures were down over 1% in New York, extending last week’s 3.9 percent drop. The two African producers, who were exempt from supply cuts because of internal strife but are now recovering, have been invited to a July 24 meeting in Russia to discuss whether their production has stabilized, Kuwait’s Oil Minister Issam Almarzooq said in Istanbul....