The extended production cuts are expected to support the stability and balance of oil markets. S&P Global Commodity Insights predicts that the OPEC+ alliance may extend its cuts through the end of the year, depending on market conditions.
Analysts fear a wider conflict, especially involving Iran, could disrupt crude oil supply via the Strait of Hormuz. Despite a balanced oil market in Q1 2024 and OPEC's spare capacity, tensions spreading to other Middle East regions could alter this. Lack of positive data from China and U.S. war expansion fears may further pressure oil markets.
Tariq Zahir warns that escalating tensions could seriously impact crude oil flow. Chris Weston sees potential for further upside to crude oil, but notes Biden's need to balance aggression and defiance against terror, especially with upcoming U.S. election.
The increasingly weak oil price may test 2023 lows of $67/barrel if no bullish market event occurs. Doubts about OPEC+'s capacity for extra production cuts impacted recent oil futures rise.
RECAP US stocks gained, with the major indices building on their biggest monthly rally in over a year, as US Federal Reserve Chairman Jerome Powell’s comments failed to douse hopes that policymakers are done hiking interest rates. The$S&P 500 Index(.SPX.US)$rose 0.6% to 4,594.63 on the first trading day of December, while the$Dow Jones Industrial Average(.DJI.US)$increased 0.8% to 36,245.50. All sectors advanced except for communication se...
Analysts and traders cast doubt on the voluntary OPEC+ cuts and their actual implementation. Market expectation leaned towards a unified agreement on cuts, not individual voluntary reductions. Brazil's addition, currently not partaking in production cuts, significantly influences the oil landscape.
The above-expectations rise in petroleum product inventories suggests that U.S. refineries have been able to ramp up their capacity use more than anticipated, which may impact the oil market, especially ahead of the OPEC meeting to determine future production levels.
RECAP US stocks struggled to sustain the rally as the guessing game continues on whether the Federal Reserve is done raising interest rates and could be ready to start cutting next year. The$S&P 500 Index(.SPX.US)$barely budged, closing the day up just 0.1% while the$Dow Jones Industrial Average(.DJI.US)$gained 0.2%. The$Nasdaq Composite Index(.IXIC.US)$notched the biggest advance, gaining 0.3%. Federal Reserve Governor Michell...
US stocks gained, with the major indices building on their biggest monthly rally in over a year, as US Federal Reserve Chairman Jerome Powell’s comments failed to douse hopes that policymakers are done hiking interest rates.
The $S&P 500 Index(.SPX.US)$ rose 0.6% to 4,594.63 on the first trading day of December, while the $Dow Jones Industrial Average(.DJI.US)$ increased 0.8% to 36,245.50. All sectors advanced except for communication se...
US stocks struggled to sustain the rally as the guessing game continues on whether the Federal Reserve is done raising interest rates and could be ready to start cutting next year.
The $S&P 500 Index(.SPX.US)$ barely budged, closing the day up just 0.1% while the $Dow Jones Industrial Average(.DJI.US)$ gained 0.2%. The $Nasdaq Composite Index(.IXIC.US)$ notched the biggest advance, gaining 0.3%.
Federal Reserve Governor Michell...
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