WTI Crude tumbles To $49 Handle, Erases OPEC/NOPEC Deal Gains

Summary:
But, but, but… growth, and inflation, and supply cuts, and growth again… Well that de-escalated quickly… As Libya restarts exports and The Fed sends the dollar soaring so WTI crude prices just broke back to a handle for the first time since Dec 8th. WTI CrudeWTI Crude - Click to enlarge “The OPEC cuts are going to prevent some of the mega-glut,” said Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland. “But Libya coming back is not going to help the supply imbalances. It’s going to take a little longer for the OPEC cuts to work. It’s relatively clear OPEC are not going to get to 32.5 million barrels a day in January.” Tags: Business,Cartels,Crude,Economics,economy,Energy crises,Energy crisis,Energy economics,Featured,gold standard,inflation,Macroeconomics,newsletter,OPEC,Organization of Petroleum-Exporting Countries,petroleum,Petroleum industry,Petroleum politics,stagflation,Switzerland,Unemployment,US Federal Reserve,West Texas Intermediate

Topics:
Tyler Durden considers the following as important: Business, Cartels, Crude, Economics, economy, Energy crises, Energy crisis, Energy economics, Featured, Global news on Switzerland, Gold Standard, inflation, Macroeconomics, newsletter, OPEC, Organization of Petroleum-Exporting Countries, Petroleum, Petroleum industry, Petroleum politics, stagflation, Switzerland, Unemployment, US Federal Reserve, West Texas Intermediate

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