Oil outlook sours as sanctions, global tensions fail to bring out bulls - Reuters:
Sentiment in the oil market has shifted dramatically in recent days, with hedge funds, producers and traders all taking a more bearish tack in response to what they see as weakness in worldwide demand.
The oil market has struggled to sustain a rally despite supply restrictions that generally would be considered bullish. U.S. sanctions on Venezuela and Iran have removed more than 1.5 million barrels of daily supply from the market, OPEC extended a supply-cut deal into 2020 and tensions between the United States and Iran are rising.
Yet, Brent futures LCOc1 have struggled to sustain a move above $65 a barrel and slumped about 7% last week, while U.S. futures CLc1 have rarely moved above $60 a barrel.
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