Despite OPEC renewing its cut of 1.5m brls/day oil is very close to a 12 month low. Looks a combination of slow demand growth and substantial increase in shale prod. Even oil sands in Canada are producing more than before. WOR's SP is $1.27 (11.5%) higher than a month ago. Many producers are losing money at $50/brl and will capex in hydrocarbon sector meet WOR's and mkts expectations? Oil could rebound tomorrow esp with M.E. a tinderbox. Still holding shorts (see other thread) at $12.60av.
Oil hits 12 month low despite OPEC
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Last
$13.95 |
Change
-0.195(1.38%) |
Mkt cap ! $7.372B | |||
| Open | High | Low | Value | Volume |
| $14.11 | $14.12 | $13.88 | $5.891M | 421.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 14 | 1147 | $13.94 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $13.95 | 1574 | 16 |
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| Last trade - 12.31pm 08/08/2024 (20 minute delay) ? |
| WOR (ASX) Chart |