Noting the recent decline in oil prices, analysts at TD Securities explained that, until recently, crude oil had been a bright spot for commodity investors this year.
Key Quotes:
“Then starting in early-November, the crude complex had its longest losing streak since 1984, with WTI crude descending into a bear market on Friday. After falling for ten straight trading days, US crude has now erased its 2018 advance.”
“The decline continued on Monday, after President Trump tweeted “Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!”. This move lower occurred even as OPEC+ seemed committed to keeping the oil market in balance and is strongly considering a cut of at least one million bbls/d in December.”
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