Market Insights

August 5, 2016 • Posted in Market Insights

Week of August 1, 2016

  • Last week oil dropped sharply trading as low $40.57/bbl before rallying to close at $41.60 (WTI) Friday
  • The June 2016 high was $51.23/bbl,
  • Causes include resumption of supply from Canada and Nigeria, increases in both OPEC and US production and lower-than-expected US gasoline consumption
  • The Wall Street Journal reports some traders believe oil could be back down to $35/bbl by the end of 2016

 

WTI Crude Oil & Brent Crude Oil 08012016

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