What's Affecting Oil Prices the Week of November 26, 2018?

 

Brent fell $4.18/bbl last week to average $62.84/bbl. WTI fell $3.15/bbl to average $53.81/bbl. Prices have risen slightly heading into Monday. While recent good news might stem the tide of losses, lingering concerns about demand and oversupply will continue to weigh and we expect prices to average $60/bbl this week. In economic news, the EU has approved Britain’s exit plan, although the plan still faces a tough battle getting approved by the legislature. Additional reports continue to indicate that OPEC will likely agree to a production cut next week. While these expectations are lending some support to prices, if a cut fails to materialize or is smaller than expected, prices could move even more sharply lower. 

1126waop 

 

Geopolitical – Neutral

Dollar - Negative

Trader Sentiment – Negative

CFTC 1126 

Supply – Neutral

Demand – Positive

Refining Margins - Positive

 MARGINS1126

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