According to zerohedge, as OPEC proudly announces it is extenging its production cuts into 2020 (while desperately talking down US shale production), in a last -ditch attempt to support prices, the slew of dismal manufacturing data in the last day has sparked selling in oil.
Tamas Varga, an analyst at brokerage PVM oil Associates Ltd. said: "Although a truce has been called between U.S. and China, global manufacturing is in very bad shape".
WTI is back below 58 USD, erasing all post trade-truce and OPEC deal gains.
JP Morgan Manufacturing appears to become bearish (under 50).
US production date seems to rise.
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