Prices were volatile today as early reports from the WSJ indicated OPEC+ was planning an output hike of 500K\/bbls. Initial trading led prices to 10-month lows, down more than $5\/bbl. Saudi Arabia quickly came out and denied the report which led to prices decreasing later in the session Releasing more oil amid weak Chinese fuel demand and U.S. dollar strength would have moved the market deeper into contango, encouraging more oil to go into storage and pushing prices still lower, said Bob Yawger, director of energy futures at Mizuho in New York. “That’s playing with fire.” WTI traded down $.35 to close at $79.73. Brent traded down $.17 to close at $87.45.<\/p>\n\n\n\n
Prices were volatile today as early reports from the WSJ indicated OPEC+ was planning an output hike of 500K\/bbls. Initial trading led prices to 10-month lows, down more than $5\/bbl. Saudi Arabia quickly came out and denied the report which led to prices decreasing later in the session Releasing more oil amid weak Chinese fuel […]<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-8014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n