Investors flee oil as stock rout, Opec doubts turn up pressure

Russia isn’t interested in joining new OPEC-led oil output cuts

An employee works on highly viscous oil production at the Ashalchinskoye oil field in Russia

The West Texas Intermediate for January delivery slumped 3.33 US dollars to settle at 53.43 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery plunged 4.26 dollars to close at 62.53 dollars a barrel on the London ICE Futures Exchange.

Brent crude has run into resistance at the 38.2% Fibonacci Retracement level (rise from 2016 low to 2018 high), which keeps the bearish momentum intact.

At 0802 GMT, January WTI crude oil futures are trading $57.45, up $0.77 or +1.36% and January Brent crude oil is at $67.37, up $0.61 or +0.91%. The global benchmark fell as much as 7.6 percent to $61.71, the lowest level since December 2017.

Brent crude in London fell by $0.46 and the price of WTI in NY fell $0,29. WTI prices are about 30 percent lower from near four-year peaks hit in early October, weighed down by surging supply and the selloff in risk assets worldwide.

"For the time being it's more about risk", said Jim Ritterbusch, president of Ritterbusch and Associates.

Airbnb to remove West Bank settlement rental listings
Israeli Tourism Minister Yariv Levin condemned the move as "the most wretched of wretched capitulations to the boycott efforts". We believe Airbnb made the correct decision.

Oil markets have been concerned about potential supply disruptions amid heightened tensions between the United States and Saudi Arabia over the killing.

"Rising global growth fears smashed oil markets and saw European and US shares slide", futures brokerage CMC Markets said in a daily note.

"I never really understood the premium behind some kind of friction between USA and Saudi Arabia from a policy standpoint".

Amid the uncertainty, financial traders have become wary of oil markets, seeing further price downside risks from the growth in US shale production as well as the deteriorating economic outlook.

Wednesday's rebound came after a report by the American Petroleum Institute late on Tuesday that United States commercial crude inventories last week fell unexpectedly by 1.5 million barrels, to 439.2 million, in the week to November 16.

Interpol elects South Korean Kim Jong Yang as new president
He was working working for Hermitage in Moscow and accused officials of a $230 million fraud. Russian prosecutors said he would be put on an global wanted list "in the near future".

Today's rebound came after a report by the American Petroleum Institute last night that U.S. commercial crude inventories last week fell unexpectedly by 1.5 million barrels, to 439.2 million, in the week to November 16.

"While the news that OPEC+ said it would cut 1.4 million barrels of oil per day from production, it's looking likely that the cuts will have to be deeper in order to stabilise the price".

The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel. With OPEC and its allies scheduled to meet in Vienna early December to discuss output plans, the International Energy Agency warned this week that cutting supplies may have some negative implications.

"The global economy is still going through a very hard time and is very fragile", IEA chief Fatih Birol said on Tuesday.

Nobody Panic! Bitcoin Bear Market Prompts Reassurance From Crypto Pundits
Bitcoin Cash is falling like deadweight in the air, besides it is believed to have been the trigger to the selloff in the market. And in the murky world of semi-regulated crypto markets, catalysts for the sharp price volatility can be hard to pinpoint.

Latest News