ENERGY

Oil prices are plunging overnight as worsening sentiment across markets over the last few days, spurred by a higher-for-longer outlook for global interest rates, has trumped any physical tightness fears even as Saudi Arabia and Russia reaffirmed that they will continue output curbs until the end of the year.

API

• Crude -4.21mm (unch exp)

• Cushing +705k

• Gasoline +3.95mm (+300k exp)

• Distillates +349k (-400k exp)

DOE

• Crude -2.22mm (more…)

Authored by Simon Watkins via OilPrice.com,

There are three key determinants of how high oil prices will go from here.

• First, whether it is in the financial interests of the key players who have been pushing them higher to keep doing so.

• Second, whether it is in their geopolitical interests to keep doing so.

• And third, what other oil market players negatively affected by rising oil prices can do to bring them lower (more…)

Oil prices managed gains on the day amid utter carnage everywhere else, bouncing off 3-week lows after 3 straight daily declines, as traders look ahead to an OPEC+ meeting of…