Oil Slumps Below $60 To 8-Month Lows – Set For Record Losing Streak
WTI Crude is trading back below $60 for the first time since March (and Brent below $70) as Washington’s decision to allow eight countries to continue importing from Iran, which it slapped with sanctions earlier this week; as well as pledges by Saudi Arabia and other producers to pump more (as well as surges in American supply and stockpiles), have turned fears of a supply crunch into talk of an oversupply.
This is the 10th down-day in a row…
Which if it holds, will be the longest losing streak in the history of the oil contract…
“The focus is on negative sentiment in oil and negative momentum,” said Giovanni Staunovo, a commodity analyst at UBS Group AG.
“It’ll be interesting to see if some stick with their shorts over the weekend with the OPEC meeting.”
Is it time for Energy stocks to catch down to reality?
And are inflation breakevens about to tumble?
On the bright side, is the American average joe about to get a ‘tax cut’ as his pump-price for gas is set to plummet…
