June 20, 2017

...AND CHEAPER...:

Oil threatens to plunge into bear-market territory (Mark DeCambre, June 20, 2017, MarketWatch)

U.S. crude-oil prices on Tuesday were on the brink of crossing into bear-market territory, defined as a drop of at least 20% from a recent peak, as the the market continues to be dogged by oversupply concerns. 

Another Bad Sign for OPEC and the Oil Bulls (Javier Blas, 6/20/17, Bloomberg Businessweek)

First, U.S. oil companies amassed a record-large inventory of wells drilled and waiting for the moment to be completed, unleashing their torrent of crude. What's more, a turnaround in output from Nigeria and Libya left the market seeking new places to store it all. So, once again, the volume of oil held at sea in tankers is rising, yet another indicator that the Organization of Petroleum Exporting Countries' output cuts haven't ended a global glut. 

Posted by at June 20, 2017 7:59 AM

  

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