# Is there still hope for higher oil prices? | NAI 500

> WTI dipped below $44 a barrel on June 27 to its lowest level in more than seven months. Libyan output topped 900,000 bpd, and US rig counts rose for 22 consecutive weeks to 747 by mid-June. Hedge funds cut bullish crude futures bets sharply.

- Date: 2017-06-27 · published 2017-06-27T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/70660-is-there-still-hope-for-higher-oil-prices-nai-500
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Rising Libyan and US shale output combined with weak fund positioning point to continued pressure on crude. Lower energy prices reduce biofuel and freight costs but weaken ethanol margins that support corn and DDGS demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- nai500.com: https://nai500.com/blog/2017/06/is-there-still-hope-for-higher-oil-prices/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.