Michael Baker, Wednesday, 7 November 2018
Oil has been coming under serious pressure in recent times, losing just over 20% in market value in 4 and half weeks. Over the past few months, oil traders were gearing up for further sanctions to hit Iran, in particular, their ability to export oil. Prices have built up but with waivers being granted to big buyers of Iranian oil it seems production being completely strangled has diminished. Couple this with weaker inventories and a surge in US shale production it seems there’s a lot more supply than previously thought.