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The US has experienced its largest weekly US crude surplus on record and prices have started tumbling.
Investors reduced expectations that the long period of oversupply in oil markets was likely to end soon, pushing prices down by $1 a barrel almost immediately, the Wall Street Journal reports. US crude futures fell 2.9% to $45.34 a barrel on the New York Mercantile Exchange while the global benchmark dropped 2.7% to $46.86 a barrel on ICE Futures Europe.
“You could easily make the argument it’s the most bearish report of all time,” says Mizuho Securities USA director of futures Bob Yawger. “There’s nothing to support the market.”
To make things worse, the OPEC deal that money managers hoped would prop up the energy sector looks like a bust. [WSJ]
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