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Global Oil Demand Growth: "China's stimulus policy, resilient U.S. economic data, and OPEC+'s ongoing output cuts are the bullish factors that support the oil market's upside movement," CMC Markets analyst Tina Teng said, referring to a reserve ratio cut by China's 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.