Tag Archives: Cartels

On the heels of continued dollar strength, output increases by OPEC (and US production at 2 year highs), and Libya restarting its biggest oilfield, WTI prices are tumbling for the 3rd time this week, back below $50 to their lowest in 3 weeks... As Bloomberg notes, while oil rallied into a bull market last month on the prospect of stronger demand, prices struggled to hold above $52 a barrel as supply grew from the U.S. and two members of the Organization of Petroleum Exporting...

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 $49 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,...