Croft points out there's a second issue adding to the bearishness surrounding oil: a large U.S. inventory build.
"This is a counter-seasonal build. It's leading to concern of U.S. production being higher than anticipated," she said. "That's a second whammy for the oil market right now.
On Thursday, WTI settled up 1.8% at $52.51 per barrel, while Brent settled up 1.7% at around $61.68 a barrel.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
These companies have the most to lose from US tariffs on MexicoWith over $100 billion of autos and auto parts imported into the U.S. from Mexico, General Motors, Ford, American Axel, Autoliv and Lear are the stocks most at risk, according to RBC Capital Markets. I hope no one is in need of car parts? You better start mapping out a plan to start walking.😏 mr_jettlife What about the Mexican economy 🤥
Source: CNBC - 🏆 12. / 72 Read more »
The market's biggest investors are making huge bets on these 10 'Gorillas of Growth'The top growth funds are crowded in IT software and services, an over-owned industry according to analysts at RBC.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Oil on Track for Bear Market Due to Global-Growth FearsOil prices were on track to sink into a bear market on Wednesday, falling more than 20% below their April peak, as the global-growth worries gripping financial markets were compounded by fears of a supply glut. Really?
Source: WSJ - 🏆 98. / 63 Read more »
Oil plunges back into bear marketUS oil prices have plunged back into a bear market as economic fears have collided with evidence of a supply glut. So cnn Hopes....... TrumpDerangementSyndrome When am going to see this at the pump ?! Mentirosos wait does this mean gas prices are dropping. i am not an economist but i am poor and my husband and i together drive well over 500 miles per week halp
Source: CNN - 🏆 4. / 95 Read more »
Oil just fell into a bear market — here’s whyU.S. benchmark West Texas Intermediate crude oil saw prices enter a bear market on Wednesday, and they don’t look to exit it any time soon. Btfd
Source: MarketWatch - 🏆 3. / 97 Read more »