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Should OPEC+ fail to stimulate markets tomorrow, the downside risk associated with global oil demand destruction could send oil prices tumbling

Last week’s sell-off by speculators caused a temporary drop in oil prices, but physical tightness and falling spare capacity have stoked bullish sentiment once again

Despite weak demand in China, the oil market is looking increasingly bullish as OPEC fails to hit its production target and Libya struggles with supply disruptions

There was a drop in oil prices when OPEC announced plans to increase its production in July and August, but bullish sentiment is now growing rapidly

The EU finally agreed on an oil ban, albeit a partial one, which sent oil prices climbing even higher as demand continues to grow unabated

With China gradually easing its lockdowns, the EU on the brink of announcing oil sanctions against Russia, and OPEC+ underproducing, bullish sentiment has taken over oil markets

Fears of a global economic slowdown are beginning to weigh on oil markets, with demand undermined by covid lockdowns, interest rate hikes, and Russia’s war on Ukraine.

Uncertainty regarding both supply and demand has left oil prices stuck near the $100 per barrel mark and waiting for a major catalyst to spark a move

The International Monetary Fund slashed its global economic growth forecast on Tuesday morning, sparking fears of demand destruction for oil and gas

Oil prices are rangebound as IEA members discuss the release of crude from their strategic reserves, potentially following in the footsteps of Biden