FILE PHOTO: A jetty for oil tankers is seen on Madae island, Kyaukpyu township, Rakhine state, Myanmar October 7, 2015. REUTERS/Soe Zeya Tun/File Photo4 November 2018: The oil market’s two-year bull run is running into one of its biggest tests in months, facing a tidal wave of supply and growing worries about economic weakness sapping demand worldwide.After topping out at more than $75 and $85 a barrel just a month ago, both U.S. crude and Brent benchmark futures have grappled with near-relentless selling. For a time, prices had some support on hopes that renewed U.S. sanctions on Iran would force barrels off the market.That changed in the last week. In the last two weeks, net bullish bets on oil have declined to the lowest level in over a year. If oil dips below this point, “the path of least resistance would be to the downside,” he said.For Brent, Razaqzada is watching the range between $69.50 and $69.60 a barrel, and if it were to slip below that, we could see a much larger correction, he said.
Source: Libya Today November 04, 2018 09:57 UTC