WTI Drops Below $50 as Oil Sells Off

摘要

A slew of bearish factors weighed on crude prices Friday, snapping a series of weekly gains for the commodity as the market focused on persistent oversupply against the backdrop of a stronger dollar. Headlines, technical trading and fundamentals all combined to pressure oil prices. Russia dialed back recent statements by President Vladimir Putin — rather than supporting an extension of production cuts by Opec and non-Opec producers, Putin views such a development as a possibility. Putin’s original statement had bolstered oil prices earlier in the week (IOD Oct.5’17).