The Brent oil price was hammered last night over 3% and sits at $64.33 this morning. The reasons will be familiar with readers: oil abundance, OPEC pumping, shale bottoming and add a rising US dollar.
The backdrop remains hostile to higher oil. Global surplus production is still large and persistent, from Oilprice.com:
Advertisement
John Kemp also notes that the deluge coming from the Middle East is driving up tanker rates: