Venezuela, US-China Trade Spat Adds To Crude Price Uncertainty

摘要

The global climate does not augur well for crude price stabilization and companies are trying to second guess the markets especially in the near term. As reported 8th February, Oil traders have weighed prospect of serious outages in Libya, Iran and Venezuela against the unfolding slowdown in the global economy. The OPEC+ cuts are taking effect, and U.S. data is starting to reflect these changing market conditions. "The weekly report from the EIA on U.S. oil stocks was bullish for outright prices, plain and simple," Tamas Varga, an analyst at PVM Oil Associates Ltd. in London, told Bloomberg. However, "more hard work is needed to turn this market unreservedly bullish."