Breaking News Instant updates and real-time market news.

07:00
05/17/18
05/17
07:00
05/17/18
07:00

Oil Action: Front-month WTI futures stormed to new major trend highs

Oil Action: Front-month WTI futures stormed to new major trend highs above $72.0. The benchmark is presently showing a 0.9% gain on the day, at $72.11, earlier posting a post-November 2014 peak at $72.30. The Brent benchmark has neared $80.0. News that France's Total might abandon a major gas project in Iran, although breaking yesterday, has continued to resonate in market narratives, which now seem more concerned about the pending Iranian supply drop when U.S. sanctions come into effect. Crude markets are continuing to adjust to a new era of Mideast geopolitical tension and risk of escalation. There are many counter narratives, with one of note focusing on the potential for demand destruction (when oil prices reach levels that drive end users to reduce consumption and/or increase efficiency) after the IEA yesterday trimmed its projection for global oil demand growth.

TODAY'S FREE FLY STORIES

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.