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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (159377)	8/11/2023 10:06:15 AM
From: Goose94	Read Replies (1) of 203260

Crude Oil: Backwardation in Brent and WTI futures continued to widen this week as physical tightness was felt across all continents, but China’s uncertain outlook and a large US inventory build have capped oil prices. As of Friday morning, ICE Brent was trading at $86.44 per barrel and WTI below $83 per barrel. International organizations have been trying to influence the market sentiment, with OPEC raising its 2024 demand forecast whilst the IEA lowered it by 150,000 b/d, but the result (for now) is stagnation in prices. OPEC Sees What It Wants to See. OPEC reiterated its upbeat oil demand outlook for 2024, expecting global crude consumption to rise by 2.25 million b/d in 2024, compared with growth of 2.44 million b/d this year, concurrently hiking this year’s GDP growth forecast to 2.7% from 2.6%. Oilprice.com

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