Oil prices were down today but both benchmarks closed higher for the week with Brent up $2.8% and WTI up 3.8%. Treasury Secretary Yellen convened an emergency meeting of the Financial Stability Oversight Council today, which includes the Federal Reserve and senior officials of key financial regulators. This has brought speculation of more problems to come in the banking sector or even a possible pivot of interest rate policy. “We’re riding along macroeconomic headwinds, and there’s a newfound correlation with equities,” said John Kilduff, partner at Again Capital LLC in New York. Oil drew some support from strong demand expectations from China. Goldman Sachs said commodities demand was surging in the world’s biggest oil importer, with oil demand topping 16 million bpd. WTI traded down $.70 or -1% to close at $69.26. Brent traded down $.93 or -1.2% to close at $74.99.<\/p>\n\n\n\n
Oil prices were down today but both benchmarks closed higher for the week with Brent up $2.8% and WTI up 3.8%. <\/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-9080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n