Bearish oil market

WTI breaks below $70 as demand concerns drive bearish sentiment

November 11, 2024

(Oil Price) – West Texas Intermediate broke below $70 per barrel on Monday as Hurricane Rafael weakened to a storm that is unlikely to cause any damage to U.S. oil production in the Gulf of Mexico. Separately, oil benchmarks got depressed by trader pessimism about Chinese oil demand after the country’s ruling party announced its latest stimulus package, which underwhelmed, according to Reuters. At

This is about as bearish as oil has been since the 2008 financial crisis

October 17, 2024

(Oil Price) – Oil prices are little changed in Wednesday’s intraday sessions after they tumbled more than 4% on Tuesday to a near two-week low on easing Iranian supply disruption fears. According to a report by the Washington Post, Israeli Prime Minister Netanyahu told the Biden administration that Israel is willing to strike Iran’s military infrastructure rather than oil or nuclear facilities,

WTI breaks below $70 as demand concerns drive bearish sentiment

This is about as bearish as oil has been since the 2008 financial crisis

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