WTI crude oil prices are on track for an eighth consecutive week of declines following last week’s OPEC+ production increase. Today brent is back below $70 and WTI crude is down 67-cents to $66.38 per barrel.

It’s CERAWeek and that has the oil industry gathering in Houston, including US Energy Secretary Chris Wright:

“We certainly believe it’s in the best interest of the American people, and honestly, the citizens of the world to have lower oil prices,” Wright said on the sidelines to Argus. He added that “I won’t have a specific price” and that “the actions of this administration are to make it easier to produce more oil and natural gas for the producers, and therefore you get more investment.”

The oil industry spent a decade after the popularization of shale drilling away all its profits and there is some thinking they will show some discipline this time.

The other thing weighing on prices is the sudden onset of recessionary fears in the US and concern that trade wars will sewer global growth.

On the positive side, I would note that there is some divergence in crude as it holds the March low while other financial assets crack.