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Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Originally published December 29, 2019
The oil market closed out 2019 on a bullish note with prices again on the upswing. The weekend air strikes in Baghdad triggered another surge in the market. Beyond the geopolitical sphere, the year started with a fresh round of deeper OPEC+ cuts, with the group cutting a further 500,000 bpd on top of the earlier agreed 1.2 million bpd. This coincided with a huge fall in US crude inventories in the last week of 2019 by some 7.8 million barrels.
Such developments have made for a very tight market