Loading…
U.S. February WTI settled down 0.6% at $45.59 a barrel, its lowest front-month close since July 2017, and fell 11.4% for the week. A rise in active U.S. oil rigs added to concerns about growing global output and slowing energy demand.
A report that Saudi Arabia would cut more oil than first announced under the OPEC-led deal provided little support.
Rising U.S. rig counts and global output growth signal continued crude oversupply despite OPEC cuts, keeping energy and freight costs low for feed buyers. Weak crude also undercuts biofuel margins that support vegetable oil and corn demand.
marketwatch.comMyra P. Saefong,Rachel Koning BealsDec 21, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Confirms the weekly 11% WTI drop; rising US rig counts signaled more supply, and the Saudi cut offered little support.
