Oil Prices Continue SlidePosted 11/01/2019 7:34AM CT |
Oil prices have fallen for the fourth consecutive session amid a 5.7-million barrel increase in EIA crude stocks as well as soft global economic data with Chinese manufacturing activity falling to an eight month low and Chicago PMIs falling into contraction territory and the lowest on record since December 2015. Adding to the bearish sentiment were renewed concerns over the ongoing U.S.-China trade war with Chinese officials reportedly skeptical of a longer-term deal. In addition, record U.S. production has weighed on prices. Despite the recent pullback, Dec crude remains about 4.00 above the October low with geopolitical risk an ongoing threat. The market is bullish trend with today’s range seen between 53.09 – 57.38.