Crude Oil Nov 24 (CLX24.NYM)
- Bloomberg
Oil Dives as Banking Fears Overwhelm Crude Market’s Fundamentals
(Bloomberg) -- Oil retreated for a second session, tracking a slide in equity markets and feeling the effects of a stronger dollar.Most Read from BloombergDeutsche Bank Drops in Selloff Citi Describes as IrrationalJack Dorsey’s Wealth Tumbles $526 Million After Hindenburg ShortUBS Sends Khan to Stem Credit Suisse’s Private Banker ExitsCredit Suisse, UBS Among Banks in DOJ Russia-Sanctions ProbeCrude eliminated most of its weekly gains as fresh signs of stress in the banking sector caused investo
- Reuters
Spain's drought devastates olive oil output, drives world prices up
Drought in Spain, the world's largest olive oil producer, is likely to halve the country's output this year compared with the previous year, official estimates from the European Commission show, pushing prices up. Spain usually supplies about 40% of the world's output. Only the EU's third biggest largest producer, Greece, which was not hit by the weather conditions, was expecting production to improve, though not enough to offset the decline in Spain.
- Oilprice.com
Biden's SPR Strategy Has Capped Oil Prices
Before plunging on Friday morning, oil prices had recovered somewhat from last week's crash, but the lack of demand from the SPR capped that rebound.
