Page 18 - Pec News Today

A stronger U.S. dollar and a more hawkish Fed may negatively impact crude, but tight supply is likely to remain the dominant factor for oil markets in October

Oil market analysts continue to raise their oil price forecasts, although projections of $100 oil remain in the minority.

Russia is long known for glaring at the West, but Saudi Arabia is a new challenger trying to tell the US “we can live without you.”

Central banks worldwide are facing a challenge with oil prices, soaring towards $100 per barrel, thereby prompting policymakers to navigate potential inflation... 20.09.2023, Sputnik International

Oil Market: Saudi Arabia and Russia on Sept. 5 extended voluntary supply cuts of a combined 1.3 million barrels of oil per day to year end. The Organization of the Petroleum Exporting Countries, Russia and allied producers are known as OPEC+.

Global Oil Demand Growth: "Chinas stimulus policy, resilient U.S. economic data, and OPEC+s ongoing output cuts are the bullish factors that support the oil markets upside movement," CMC Markets analyst Tina Teng said, referring to a reserve ratio cut by Chinas central bank last week to boost liquidity and support its economy.

Saudi Energy Minister Prince Abdulaziz bin Salman defended on Monday OPEC+ cuts to oil market supplies, saying international energy markets need light-handed regulation to limit volatility

Oil price volatility is likely to surge as a result of recent OPEC+ production cuts, with a significant supply shortfall this quarter and low oil stocks next.

Analysts at Standard Charted have noted that oil prices have been driven higher in Q3 by sharp falls in inventories caused by excess demand, and have predicted that dynamic will continue in Q4

Eric Nuttall, senior portfolio manager at Ninepoint Partners, has been hitting back at the narrative that oil demand is in decline, pointing out that oil consumption is at record highs.