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11-13 December: Ruble Sees No Respite Despite Rate Hike; Oil Continues Massacre; Weak TLTRO Results

11-13 December: Ruble Sees No Respite Despite Rate Hike; Oil Continues Massacre; Weak TLTRO Results

The IEA (international Energy Association) cuts global oil demand forecast for fourth time in 5 months as OPEC refuses to blink and global growth forecasts dim to a twinkle. This has sent WTI prices below $60 and printed a low of $57.31, the weakest since July 2009. Across the board, Brent and Canadian Heavy prices are also crashing through the floor. Corporate credit and equity of companies in the energy sector continue to take relentless beatings as analysts continue to predict ever lower prices. The contagion effect has major oil producing countries all over the world scurrying to prevent their respective economic meltdowns as revenues are clawed back by the markets for every additional cent oil prices decline.