- Crude oil prices accelerate earlier losses as U.S. Treasury Secretary Mnuchin says some oil buyers could get waivers to continue buying Iranian supplies despite sanctions; U.S. WTI -3.6% at $68.47/bbl, Brent -3.5% at $72.71/bbl.
- But analysts say higher production from Libya and the possibility that Russia could agree to further increase supply to fill possible production gaps are mostly behind today's steep losses.
- Russia and other oil producers could raise output by 1M bbl/day or more if shortages hit the market, Russian Energy Minister Novak told reporters on Friday, prompting Commerzbank (DE:CBKG) commodities analyst Carsten Fritsch to say that the comments had reminded the market of the determination by Russia and Saudi Arabia to pump more oil if needed.
- Investors also may be reacting to news that China’s economic expansion eased slightly in Q2, rising 6.7% vs. 6.8% in Q1, weighed by the government's debt cleanup even before growth takes an expected hit from the trade fight with the U.S.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI
- Now read: Don't Forget About Oil Service Companies
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