WTI Crude Tumbles To $49 Handle, Erases OPEC/NOPEC Deal Gains

But, but, but... growth, and inflation, and supply cuts, and growth again...

Well that de-escalated quickly...

 

As Libya restarts exports and The Fed sends the dollar soaring so WTI crude prices just broke back to a $49 handle for the first time since Dec 8th.

“The OPEC cuts are going to prevent some of the mega-glut,” said Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland. “But Libya coming back is not going to help the supply imbalances. It’s going to take a little longer for the OPEC cuts to work. It’s relatively clear OPEC are not going to get to 32.5 million barrels a day in January.”