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A row of pumpjacks is seen as U.S. Vice President Mike Pence, not pictured, tours a Diamondback Energy Inc. oil rig in Midland, Texas, U.S., on Wednesday, April 17, 2019. Pence gave remarks to employees regarding the impacts of the Administration’s United States-Mexico-Canada Agreement. Photographer: Callaghan O’Hare/Bloomberg , Bloomberg See Full Stock Page » Oil dipped, after frigid temperatures and Saudi Arabia’s promised output cuts helped push prices to a 10-month high. Futures traded below US$53 a barrel in New York, having snapped a six-day gain on Wednesday. There are signs that physical markets are softening in Asia, with Abu Dhabi’s Murban crude at a discount to its benchmark despite continued OPEC+ cuts and the Saudi plan to slash output next month. Technical indicators suggest oil is likely headed for a decline with the global Brent benchmark on its longest run of overbought days since 2012. Crude’s advance this year has seen Wall Street turn steadily more bullish on the market. Goldman Sachs Group Inc. and JPMorgan Chase & Co. have both raised price forecasts in recent days, saying market tightness that had been expected at year-end should come in the summer. Plunging temperatures, meanwhile, have bolstered energy consumption, […]
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