-
WTI Tumbles Below $63 After Crude Draw Extends JCPOA Uncertainty Losses
Much like the rest of the world's assets (except gold), oil prices are plunging this morning as broader markets tumbled on inflation concerns (and liquidity-based stress from crypto/tech carnage) and talks over the Iran nuclear deal add to concerns over increased supplies as traders eye the potential for a recovery in the nation’s exports. That comes as the OPEC+ alliance loosens output curbs, and after U.S. crude stockpiles expanded. The rout in stocks is adding to investor caution. Additionally, a Chinese tax on three oil-related items that begins next month could shift crude flows and reduce some product ... (full story)