The U.S. Federal Reserve's decision to increase interest rates one more time before the end of 2018 certainly affected the price of WTI as it raised borrowing costs across industries.
During a news conference at a gathering of the Organization of Arab Petroleum Exporting Countries in Kuwait on Sunday, the United Arab Emirates' energy minister, Suhail al-Mazrouei said that OPEC and its allies could organize an extraordinary meeting to discuss deeper output cuts if the current 1.2 million barrels cut were not enough the balance the markets.
Futures declined as much as 3.3 percent in NY as USA stocks tumbled to the lowest in more than a year, with investors assessing the threat to the economy from a government shutdown. The U.S. benchmark is down about 16 percent since the producer group announced the agreement. Asian stock markets retreated again on Wednesday.
Suspected Israeli Airstrike Rocks Damascus Airport, Hits Hezbollah Leaders
It said in a statement that "an aerial defence system was activated against an anti-aircraft missile launched from Syria". It added that the Israeli warplanes fired the missiles from Lebanese airspace.
Brent fell 11 per cent last week and hit its lowest level since September 2017, while U.S. futures slid to their lowest level since July 2017, bringing the decline in the two contracts to more than 35 per cent for the quarter.
Still, the macroeconomic picture and its impact on oil demand continue to pressure prices. The chance of another meeting by OPEC and its allies is "sending a signal to the market that they will do whatever it takes". A recovery in the US stock markets could help drive prices higher because of a shift in investor sentiment, but these gains are likely to be limited by rising concerns over a global economic slowdown.
"I think there is a little bit of over-extension to the downside linked to global market fears", said Olivier Jakob, analyst at Petromatrix.
Richard Sherman, Others Ejected After Bears-49ers Brawl
The Bears ended up converting a first down to retain possession and continue their drive while leading 14-9 in the fourth. The Bears have allowed a total of just one touchdown in the last three games.
OPEC and other major oil producers negotiated to cut oil production by nearly 1.2 million barrel a day, in the first week of December.
"There are several bearish factors in oil markets, and the situation won't improve anytime soon".
Still, oil prices fell on Friday to their lowest since the third quarter of 2017 as global oversupply kept buyers away from the market ahead of holidays over the next two weeks. The U.S. benchmark on Monday finished at the lowest for a front-month contract since July 21, 2017, and remains down roughly 9.25% so far this month, according to Dow Jones Market Data. They jumped 8.7 percent to $46.22 per barrel in the previous session.
Turkey bolsters military on Syrian border as US readies pull-out
Manbij was at the center of an agreement the United States and Turkey reached in June under which Kurdish forces were to withdraw. Under the June deal, Kurdish forces would leave Manbij, in the western Euphrates valley, but delays have infuriated Turkey.
Brent for February settlement declined as much as 54 cents to $49.93 a barrel on the London-based ICE Futures Europe exchange, before paring losses to trade at $51.05 at 11:15 a.m.in London.