- Oil prices settled modestly lower after Pres. Trump called on OPEC to "get prices down now!" ahead of an upcoming meeting of the cartel and other major oil exporters including Russia, but many traders and analysts expect Brent crude to move past $80/bbl soon.
- WTI October settled 0.5% at $70.80/bbl, and Brent finished -0.9% at $78.70/bbl, pulling back from an intraday high of $79.83.
- "$80/bbl Brent is a psychological level, and unsurprisingly, as we approach it, it gets sold into as some market participants take profit," says BNP Paribas (PA:BNPP) oil strategist Harry Tchilinguirian, but "as more evidence gathers that Iranian oil exports are heading sharply down, the more emboldened the oil market is likely to be to test and breach this level."
- Trump’s latest tweet also comes after Saudi Arabian officials reportedly were growing comfortable with the possibility of Brent at $80.
- Meanwhile, a Russian official says the country's crude production has jumped to a new post-Soviet record of 1.54M-1.55M tons/day, equaling 11.29M-11.36 M bbl/day.
- 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, ERYY, ERGF, OILD, OILU, USAI
- Now read: Weekly Oil Storage Report: Stellar Demand Will Push Product Storage Lower
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