WTI Tumbles Below $50 To 3-Week Lows

Jon Alternative Media, Blogosphere, Energy, Market Commentary

On the heels of continued dollar strength, output increases by OPEC (and US production at 2 year highs), and Libya restarting its biggest oilfield, WTI prices are tumbling for the 3rd time this week, back below $50 to their lowest in 3 weeks…
As Bloomberg notes, while oil rallied into a bull market last month on the prospect of stronger demand, prices struggled to hold above $52 a barrel as supply grew from the U. S. and two members of the Organization of Petroleum Exporting Countries that are exempt from making cuts.

This post was published at Zero Hedge on Oct 6, 2017.