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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (32384)	8/4/2017 8:01:18 PM
From: Goose94	Read Replies (1) of 203475

Crude Oil prices on downbeat data. WTI stalled out this week on several pieces of bearish data. U.S. oil production ticked up to 9.43 mb/d in the most recent EIA release, the highest production level in two years. Also, OPEC’s production rose again in July to its highest point in 2017. Crude Oil price forecasts cut again. An array of investment banks have slashed their expectations for oil prices yet again. 15 investment banks revealed the third consecutive month of declining expectations for oil prices. An average of those forecasts sees Brent averaging $53 per barrel this year, down $2 per barrel from the June survey. They also forecast Brent at $55 per barrel in 2018, also down $2 from June. “In the very near term, we are cautious about prices, especially in September and October, when the seasonality of crude and product demand turns bearish,” Michael Wittner, chief oil analyst at Société Générale, wrote in a report.

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