In The Oil Patch Radio Show is proud to bring you today’s Energy Minute, produced by shalemag.com
Oil prices cratered on Thursday, with WTI falling by 10% in early trading before recovering slightly late in the day. Despite an array of bullish price signals, including a large inventory drawdown for the second straight week, speculators reacted negatively early in the morning to the Federal Reserve Board’s announcement of a 25 basis point reduction in interest rates, with no indication of future cuts down the road.
The market also had a negative reaction early in the afternoon after President Trump announced that, effective September 1, the U.S. would implement new, 10% tariffs on an additional $300 billion of Chinese imports into the U.S. The President issued that announcement after a meeting with Trade Representative Robert Lighthiser.
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