America's record oil production adding to decline in prices

Channel: Fox Business
Published: 10 hours ago

Description
Vision 4 Fund Distributors Vice President Heather Zumarraga on the outlook for oil prices and the state of the markets. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New...



Transcript
I'Ll do this briefly look at the price of oil down very very sharply today, you're off nearly four percent. Our ban on iranian oil exports goes into effect. Today saudi arabia says they'll step up to production to keep the market stable. We in america have a massive supply of oil already in storage per million. That'S why the price is going down so much and that's why the stock market is down, bec ...
use you've got a two hundred point loss for the dow, largely because of this drop in the price of oil. I want to bring in market watcher heather zhu moraga, who joins us now. Heather. Am i right here i'm saying that the sharp sell-offin oil has created this sharp sell-off in stocks? What do you say? It really has today at least seward. So when i look back at yesterday's data showing that u. s. fracking is really causing these stockpiles to to just cost the the supply to go up, fracking is working in this country, and that is where we're getting this overhang. Despite removing these, these sanction waivers we're still seeing the price of oil drop down, because the u.

s. is not producing a record 12 point: 3 million barrels per day. We, we are producing twelve point three million barrels a day. I didn't know it was that high already yeah as of wednesday, as of yesterday, us oil productionreached a record of twelve point, three million barrels per day. That'S why you're seeing crude decline? Yeah it's a lot. That is a lot indeed. Yes, it is that's a v arabian levels and then some i've got to raise one other issue: china's leader xi, jingping, coming to the white house. We understand there are reports early in june that could sing the signal that we're on the verge of a trade deal. I would have thought that would have put a shot in the arm for the stock market, but it hasn't. Is it a shot in the arm for a trade deal? Well, i think you can also mention china when you, when you talk aboutoil, that they still may buy oil from iran, so we have a lot of moving parts in market moving headlines regarding china right now, but look. I think this is a positive for the markets. This is what the markets have been waiting for, they're moving on the fed, which is now on the backburner.

Yesterday, the federal reserve confirmed their wait-and-see approach as well as chinese trade. Deal vice-premier is the vice premier of china is set to come to washington next wednesday. Again, they're going to wrap up talks, announce something on friday. Hopefully we get a deal that out that markets like and i'm pretty optimistic stewart. Okay, i'd like to see that market riff likethat hello thanks for joining us - i'm sorry so short, but you know it's a big day in the news business. Thank you. Heather'S umaga,.


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