Commodity Report: Crude Oil Price Forecast [Video]
Oil prices have pulled back from their highest levels in two months on Friday. Ongoing uncertainty over whether the United States and China will be able to reach a partial trade deal has been the main driver. Read more”¦
Market Wrap: Christine Lagarde, dire PMIs and oil prices
We’ve been quite struck by the resurgence in oil prices over the past two days. WTI crude oil futures are back near two-month highs. It has been interesting to see petrol prices gain while other markets sensitive to the US-China trade war lose out.
We are interpreting this pickup in oil prices as a refocus on supply-side issues in the lead up to the OPEC meeting in December. The price action implies more than we have seen in the news flow. Reports in recent days have suggested OPEC+ will extend its output cuts at its upcoming meeting. We think an extension was already priced in so markets might be positioning for deeper output cuts. Read more…
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