FAST FIVE: WTI Extends Loss After Surprise Crude Build
Amid doubts over global economic growth (and demand) as well as rising Russia-Saudi decisions on supply (and Alberta production cuts), WTI has rebounded modestly post-trade-truce, holding around $53 (despite today's carnage in stocks).
In an interview Tuesday, Saudi Energy Minister Khalid Al-Falih walked back recent calls for 1 million barrels of cuts to daily output by OPEC and other major exporters.
“It's premature to say what will happen” in Vienna, Al-Falih said in an interview at a United Nations climate-change conference in Poland.
The 11th consecutive crude build in a row prompted a drop in WTI prices, back below $53.
Additionally builds across Cushing and products is not positive.