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WTI Plunges To 7-Month Lows – Enters Bear Market As HY Bonds Crater

Tuesday, June 20, 2017 20:25

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zerohedge.com / by Tyler Durden / Jun 20, 2017 11:47 AM

WTI Crude has entered a bear market (down over 20% from its highs) amid concerns OPEC-led output cuts won’t succeed in rebalancing the market (and not helped by the fact that Libya is pumping the most crude in 4 years).

For the first time since Nov 2016, WTI front-month traded with a $42 handle…

Here are eight factors that are behind the current fall in oil prices according to Arab News:

1. High exports from OPEC: Despite the reduction in production from oil producers, the level of exports is still high as many tanker-tracking data showed. Morgan Stanley in a report on June 8 said that tanker-tracking data showed that waterborne exports increased strongly in May across the world, up by 2.2 million bpd from April and 3.3 million bpd from May 2016.

Source: http://silveristhenew.com/2017/06/20/wti-plunges-to-7-month-lows-enters-bear-market-as-hy-bonds-crater/

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