Brent has rallied the past month buoyed by voluntary and involuntary cuts to production. However, demand-side concerns are starting to weigh on traders’ minds as global economic forecasts continue to weaken.
Happy Chinese New Year everyone, welcome to the year of the Pig!
First off, a quick reminder for those living in Singapore that you can now move away from SP Services for your home electricity supply and move to iSwitch. Significant savings available at the iSwitch website.
Crude price dips below $50 at end December 2018, hitting a 16-months low on supply concerns, before rebounding back above $60.00
Happy New Year! Is it just me or does January feel like an excruciatingly slow month? Hours just chipping away as I await the arrival of Chinese New Year and the inevitable demise of my new year’s resolution. I aimed for 10% body weight loss by June and to reward myself for penning this down (more like a mental note), I’ve rewarded myself with a month of buffets and drinks.
Speaking of gains, Brent has finally rebounded back above $60.00 after months of tormenting the oil bulls. I guess $50.00 oil is just too good a value to pass up for the traders out there as everyone just starts asking themselves: “How much lower can it go?”
Crude price continues to hit new lows as worries of supply glut and waning demand looms.
Merry Christmas!!! Hope you enjoyed the month as much as the oil bears did. Oil prices went on a bumpy ride as December turned out to be a hectic month; OPEC meeting, the on/off relationship between China and US, Canada unexpectedly cutting production and Brexit.