Oil Outlook: Bearish Momentum Abates Amid Failure to Test August-Low

Oil Talking Points

Crude slips to a fresh monthly-low ($65.37) even as Nigeria Petroleum Minister Emmanuel Ibe Kachikwu argues $70/bbl is a ‘comfort level’ for the Organization of the Petroleum Exporting Countries (OPEC), but a series of failed attempts to test the August-low ($64.45) may generate a near-term rebound as the bearish momentum starts to abate.

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Oil Outlook: Bearish Momentum Abates Amid Failure to Test August-Low

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Mixed comments from OPEC and its allies appear to be taming the recent weakness in oil as the fresh rhetoric conflicts with the pledged to pursue a produce as much you can mode,’ but the weakening outlook for global growth may keep crude prices under pressure as the latest Monthly Oil Market Report (MOMR) projects less consumption in 2019.

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It seems as though the latest move by OPEC and its allies is in response to the slowdown in emerging market economies along with the ongoing shift in U.S. trade policy, and updates from the Department of

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