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WTI Tumbles Below $50 To 3-Week Lows

WTI Tumbles Below $50 To 3-Week Lows

 

zerohedge.com / by Tyler Durden / Oct 6, 2017 8:22 AM

On the heels of continued dollar strength, output increases by OPEC (and US production at 2 year highs), and Libya restarting its biggest oilfield, WTI prices are tumbling for the 3rd time this week, back below $50 to their lowest in 3 weeks…

As Bloomberg notes, while oil rallied into a bull market last month on the prospect of stronger demand, prices struggled to hold above $52 a barrel as supply grew from the U.S. and two members of the Organization of Petroleum Exporting Countries that are exempt from making cuts.

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