According to the latest announcement of Baker Hughes Incorporated, the number of mining facilities in the US in
November fell by 31 pc. compared to October (760 against 791).
This reflects two problems: the oversupply that OPEC deepen their meeting and the almost certain increase in interest rates in the US, which operates in two negative aspects: a strong dollar and high level of indebtedness of US oil companies. The increase in interest rates will cause an even greater increase in the already critically high levels of the financial leverage ratio of US oil companies.
The prerequisites of bearish sentiment on oil futures (WTI and BRENT) are increase.
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