The oil market began the week with a thud
The oil market began the week with a thud: Sevens Report Co-Editor, Tyler Richey, Quoted in Morningstar
Oil prices finish lower, holding ground at lowest since mid-June
“The oil market began the week with a thud [Monday], failing to stabilize after the sharp losses in the back half of last week,” said Tyler Richey, co-editor at Sevens Report Research.
Richey said last week’s significant drop in implied gasoline demand reported by the Energy Information Administration remains a “major bearish influence on the market.”
Also, from a supply standpoint, improved prospects for a victory by former President Donald Trump in the 2024 election are “price-negative for oil,” given his plans to “support production increases to increase energy independence and lower prices,” said Richey.
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