Brent crude

WTI is down for the third consecutive day, while Brent is down for the second day. Prices were barely hanging onto their now small weekly gains at the time of writing. Prior to this week, Brent had risen for five and WTI for eight consecutive weeks.

OPEC’s ongoing production cuts are continuing to help tighten the world oil market. This is helping to offset global economic concerns, which have actually not had any significant impact on crude prices yet as they did from time to time on bonds, stocks and copper prices.

Ongoing productions cuts from the OPEC and some allies outside of the cartel continue to support oil prices