Oil Skids To Biggest Weekly Loss In 2 Years Amid Market Turmoil
* pressured by stronger-than-expected supply figures and a surprising ramp-up of the North Sea Forties Pipeline,
* Turmoil on Wall Street also pressured crude. During the trading session, the S&P 500 stock index fell to its lowest level since Oct. 5
* "It's never just one factor that slams the market like this. It's several factors," said Jim Ritterbusch, president of Ritterbusch & Associates.
* Oil services company Baker Hughes said total U.S. onshore rigs rose by 26 to 791, highest since January 2017.
and my personal favorite
* oil is inversely correlated with the dollar, which has strengthened as equities markets slid.
Wonder if the traders at Goldman are sitting back laughing at the oil price decline over this past week after it put out their raise forecast to avg price of $82 for 2018.
Not a good time for a capital raise now IMO.
SEA Price at posting:
7.8¢ Sentiment: None Disclosure: Not Held
