WTI bears attack $70.00 as Oil producers, major economics shake demand-supply matrix – by anilpanchal7 Oil WTI SaudiArabia OPEC Iran
ils to justify hawkish signals from Saudi Arabia and hopes of the Federal Reserve’s no rate hike, as well as the softer US Dollar, amid expectations of the US-Iran trade deal and fears of economic slowdown.
“The latest OPEC+ agreement involved comprehensive reform, but that the alliance was also working against ‘uncertainties and sentiment’ within the market,” said Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on Sunday, reported Reuters. It should be noted that speculation about the US-Iran trade deal triggered a slump in the Oil price the previous week before the official sources ruled out the basis and allowed the black gold to lick its wounds.
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