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WTI crude oil weekly

The oil market finished last week on an optimistic note, closing just below the $80 level and threatening to break to the highs since November.

Alas, the dam didn’t break and oil has slumped back to $76.62, finishing at the lows of the week. For most of the shortened week, oil was trading roughly flat but it slumped today, perhaps due to Israel-Hamas peace negotiations in Paris.That’s despite a US weekly oil inventory report that showed some tightness, particularly in products.

US refineries should be ramping up in the weeks ahead and stronger global growth is a tailwind but the main driver right now is OPEC and there are signs that producer discipline isn’t where it needs to be.

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