Bad News For Oil: Refinery Profits Are Sliding

By Alex Kimani – Jan 13, 2020, 7:00 PM CST-oilprice

After a short-lived, half-hearted rally, oil prices are down again with a vengeance, retracing levels last seen before the assassination of General Soleimani by the American government.

WTI prices surged to nearly $70 per barrel after the killing; the latest trajectory has taken prices below $59 per barrel even as efforts at de-escalation continue; the US and China close in on a Phase One Trade Deal, while another weak job report revived concerns about an economic slowdown.