Authorization

'There is no reason to be bailing out Middle Eastern overproduction': Analysts break down how to prevent further oil price volatility

'There is no reason to be bailing out Middle Eastern overproduction': Analysts break down how to prevent further oil price volatility
Business Insider via Google Maps



US oil prices have recovered with West Texas Intermediate trading just above $17 barrel as of 09:15 EST on Friday.




International prices recovered, however, following President Trump's comments that he ordered the US Navy to "shoot down" Iranian gunboats if they harassed American ships at sea.




WTI prices have been highly volatile over the past week due to a lack of demand and storage space, particularly in Cushing, Oklahoma.




Markets Insider spoke with analysts to ask how the US oil market can prevent further volatility.




Track the price of oil live with Markets Insider.




Visit Business Insider's homepage for more stories.



When oil markets suffer, a tweet by US President Donald Trump can make all the difference.
Oil prices recovered this week from historical lows following a tweet by Trump on Wednesday instructing the US Navy to "shoot down any and all Iranian gunboats" if they harass US ships at sea.
Prices for the commodity had turned negative for the first time in history on Monday, hitting a low of -$40.32 a barrel. Meanwhile, international oil prices plunged to a two-decade low.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Ноябрь 2021    »
ПнВтСрЧтПтСбВс
1234567
891011121314
15161718192021
22232425262728
2930