Crude oil prices have been in a selling mode for most of this week on a combination of the evolving situation in Greece, a sell-off in Chinese equities and the growing possibility of an Iranian nuclear deal. All three areas can potentially lead to the current oversupply of oil growing even further.
Oil prices fell more than 3% on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply.
Everybody's working on the weekend, everybody in finance, maybe Greece goes off the deep end. Will the EU give Greece a second chance? They are far apart, they better start from the start. If Greece wants in the show. They better let it go!
Advancing technology has made a lot of the unconventional drilling much more efficient and cost effective. As long as WTI prices stay around $60 or higher, we’re going to keep on drilling and literally squeezing more out of a rock.
After a mixed performance on Tuesday the crude oil complex is higher across the board after a larger than expected draw reported in total crude oil stocks by the API late yesterday afternoon. The API reported a 2.9 million bbl draw in crude oil along with a 2.9 million bbl draw in gasoline.