Oil Steady At $145

Oil remained above $145/barrel in Asia and analysts are calling the current market “fundamentally tight.” Today’s supply threats:

  • A five-day strike by Brazilian oil workers cut the production of Petrobras by about 4% (Petrobras is the world’s 6th largest oil company)
  • Continued tension with Iran
  • More uncertainty and unrest in Nigeria

A nice drop in oil could go a long way in distracting traders from the many other ills affecting the US and global economies. We’re still waiting…

See Also:
SHOCKER! Gov’t Mulling Oil Move That Will Actually Help: Hated 55 MPH Speed Limit

Airline CEOs Blame Oil Speculators For Stock Collapse, Future Bankruptcies

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.