Oil threatens a five-month low as the selling continues ...Middle East

The oil bulls are giving up.Today is the fourth straight day of selling since the OPEC+ decision to cut output and it could be the seventh consecutive week of declines. Increasingly, the fear in the energy market is that OPEC is out of bullets and that we're heading towards a war for market share once the latest round of output cuts expire in Q2.WTI was last down 70-cents to $72.37, just above the November low of $72.16. If that breaks, it would take oil to the lowest since early July. A run on stops could lead to a sharp drop below.The problem for OPEC is that it's tough to tighten the market at this time of year because -- seasonally -- it's the weakest period for demand. Yesterday, Saudi

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Last updated : 05 Dec 2023 clock 04:56 PM

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