Oil prices were lower today and down big week over week after a broad sell-off in risk assets across the financial markets. Prices were initially up more than $1 earlier in the session and at lows were down more than $3. Overall on the week, Brent was down 12% and WTI down 13% as banking sector fears caused both benchmarks to reach their biggest weekly declines in months. However, The Federal Reserve is back in full force with bailout programs, and its balance sheet exploded by $297 billion in the last week. Nearly half of the Fed\u2019s quantitate tightening (unwinding of their balance sheet) since last April was undone in a single week. “The underlying fundamentals aren’t as terrible as what is being priced in here, but there is concern the oil is not as safe a place as cash or gold,” said John Kilduff, Partner at Again Capital LLC in New York. While the market is fragile, analysts still expected constrained global supply to support oil prices in the foreseeable future. WTI traded down $1.61 or -2.4% to close at $66.74. Brent traded down $1.73 or -2.3% to close at $72.97.<\/p>\n\n\n\n
Oil prices were lower today and down big week over week after a broad sell off in risk assets across the financial markets.<\/p>\n","protected":false},"author":2,"featured_media":8776,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n