-
Crude oil outlook remains positive despite reduced war risk
Despite falling in response to waning risks of a potential war involving major oil producer Iran with Israel, crude oil is still holding its own relatively well. It is holding a year-to-date gain of around 12%, which is not insignificant. There’s still a bit of premium from conflict in the Middle East factored in oil prices, but it is largely those OPEC+ supply cuts that’s responsible for the bulk of oil’s gains. Meanwhile, the demand outlook will come into a sharp focus this week with the release of the global manufacturing PMI data on Tuesday, as well as US GDP on Thursday, and the Fed’s preferred measure ... (full story)