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Crude Oil Outlook: Yearly Lows vs. OPEC and EIA Reports
As oil stands at critical yearly lows, higher weight can be attributed to the upcoming monthly reports and outlooks from OPEC, IEA, and EIA this week. The supply production quotas that were forecasted to be elevated during October have reached a turning point given the respective yearly weakness of oil prices. OPEC’s intervention with supply cuts at the start of 2024 significantly boosted gains, in line with broader market sentiment around potential rate cuts. This scenario presents a potential déjà vu, as the alignment of policies and the growth in global demand outlook mirrors previous patterns. Should this ... (full story)
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- Posted: Sep 8, 2024 9:39am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 168
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