Today’s Energy Minute brought to you by Commissioner Ryan Sitton of the Texas Railroad Commission:
Yesterday the U.S. stock market seemed poised to make October the worst drop in more than eight years before later recovering.
The market is being hit by consistent data that indicates the global economy is slowing its growth. This coupled with increased OPEC and Russia production has caused oil prices to take a hit, set for their biggest monthly drop since mid 2016.
Despite this, global demand is still forecasted to grow, prompting the Russian Energy Minister to say there is no reason for Russia to freeze or cut its oil production levels as there are risks that global oil markets could be facing a deficit.
WTI lost $0.55 yesterday to close at $67.04 per barrel.
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