WTI Crude Crashes Below $50 As Hedgies Lose Faith In OPEC

by Tyler Durden
ZeroHedge.com
Apr 21, 2017

Oil is headed for its biggest weekly loss since early March as signs that OPEC will continue with output reductions are offset by growing U.S. production and inventory gluts. Having tried and failed to spark some momentum yesterday (via Saudi jawboning and Goldman confidence), WTI Crude just plunged below $50 for the first time since March.

“It all comes down to whether OPEC can deliver inventory cuts,” Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, said by telephone. >”So far we haven’t seen a lot of evidence that they’re succeeding.”

The Rest…HERE

This entry was posted on Friday, April 21st, 2017 at 11:38 am and is filed under Oil, World Politics. You can follow any responses to this entry through the RSS 2.0 feed.