Crude oil prices ended their worst month since the 2008 financial crisis after 3 events in a row knocked oil and other commodities for a loop. Those three events in order are Greece, Iran and China; and while I guess you can't call them "black swan" events, the timing of all three colliding at the same time led to the oil markets July swan song.
The U.S. Comex gold futures surged 1% on Monday and ended at $1,096.20 on Tuesday after dropping four percent last week. The Dollar Index has fallen a further 0.5% this week after declining 0.63% last week.
The Federal Reserve takes out its reference to "stabilizing oil prices" and the Saudi's are dropping hints of an oil production cut. This comes as U.S. oil production sputters and inventories falls. We may have just hit a bottom as crude oil companies quickly react and probably overreact regarding July's oil price crash.
We’re just past the halfway mark of the week and the year. Many will argue that the $50 per barrel level is the halfway point between the range that WTI belongs ($45 - $55). We’re at the halfway point for the hedges that most oil producers had on for 2015.
Crude prices are drifting lower ahead of this morning’s Energy Information Administration (EIA) oil inventory report after the API reported a modest draw in crude, but a significant build in distillate fuel.
WTI crude oil prices fell for a sixth day on Wednesday down to $47.69, marking its longest string of losses in a year, as worsening global oversupply offset the potential lift from a weaker dollar and an expected drop in U.S. crude stocks.