WTI Crude Oil (current price: $45.05)
Oil had the sixth negative session in a row on Friday, as it fell by more than 10% in a week and it is now down by almost $8 since hitting $52 just 3 weeks ago. The crucial commodity has been hit hard by the unexpectedly large inventory growth last week, with the U.S. Baker Hughes Rig Count also showing a rise on Friday. A bounce in risk assets this week might help a consolidation in WTI Crude, although the OPEC meeting later on this month still looms, with the supply situation remaining difficult.
Our assessment: Oil broke an important trend line last week amid the negative sentiment change, with the long-term picture still being neutral following the historic bear market.
