"Stock markets in North America tumbled, crude oil prices took a drubbing and the Canadian dollar fell nearly a full cent Tuesday, signs that uncertainty about global economic growth and the United Kingdom's decision to leave the European Union continue to confront investors. The August contract for oil slid US$2.39 at US$46.60 per barrel. That [...]
"In order for the job market to hit bottom and then stabilize, the U.S. Federal Reserve estimated it would take oil prices holding steady at $50 US a barrel for two or three months. In Canada, it's expected that it will take more time than that for hiring to start." Source: cbc.ca
"Oil prices jumped 3 percent or more on Tuesday with investors buying back into the market after a two-day rout triggered by Britain's vote to leave the European Union. Potential oil supply outages and crude inventory drawdowns also returned investors' attention to market fundamentals." Source: reuters.com
"Oil prices settled 5 percent lower on Friday after Britain's vote to leave the European Union spurred massive risk aversion and a rally in safe havens like the U.S. dollar that threatened to cut short a three-month-long recovery in global oil markets." Source: cnbc.com
"Over the past few months, we've gained even more confidence that tightening global oil supply/demand dynamics will support a much higher level of oil prices in 2017," the Raymond James & Associates says. "We continue to believe that 2017 WTI oil prices will average about $30/barrel higher than current futures strip prices would indicate." Raymond [...]
"Wall Street is just trying to blame the carnage in the stock market on oil prices. But that’s not really why stocks are going down. The reality is oil prices and stocks are both going down for the same reason, and it’s because the Federal Reserve is threatening to raise interest rates and the dollar [...]
"Analysts are growing even more bearish about the oil price, predicting that crude is set to stay below $60 a barrel through next year as the market struggles to recover from a supply glut." Source: wsj.com
"One of the most significant countries in terms of future oil growth may not be able to achieve its long-term production goals, raising red flags about global oil supplies in the years ahead. For years, Iraq has been central to the IEA’s rosy scenarios for long-term sources of new oil supply. A few years ago, [...]
"DOHA, Qatar—The Organization of the Petroleum Exporting Countries has become more pessimistic about the future of oil prices this year amid plentiful supplies and softening demand from China, the group’s members said this week." Source: wsj.com
"Recent volatility in the price of oil has led some analysts to re-examine the history of price swings for the commodity. Wednesday's price, back to the recent lows branded "close to unsustainable" by HSBC strategists, came after an oil price spike on Monday that was bigger than any since the Gulf War broke out." Source: [...]