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Worse than the financial crisis and the COVID-19 pandemic! Illustration: To what extent has the oil market collapsed?
① As global benchmark Brent crude oil fell below $70, oil prices have reached their lowest level since December 2021; ② In fact, what is even more alarming to market participants than the sharp decline in prices may be the popularity of the crude oil market.
Oil Prices Tumble to Their Lowest Level Since 2021 -- WSJ
EIA Predicts Oil Prices Will Recover in 4Q on Inventory Draws
Did oil prices plunge due to oversupply? Senior commodity analyst: The market is "scared".
①Currie said at the annual Asia-Pacific Petroleum Conference in Singapore that the market's concerns about oversupply were "completely exaggerated," and "in terms of oil, this year's production in the USA remained stable"; ②"The key issue is that the market has seriously overestimated the extent of oil supply glut, and the record short positions reflect this... I have never seen this situation before."
Oil Prices With Massive Weekly Losses – Commerzbank
Oil market hit by bearish assault again! OPEC once again lowers global oil demand expectations for this year and next.
OPEC lowered its forecast for global oil demand growth in 2024 on Tuesday, reflecting the data received so far this year, and revised down expectations for next year, marking the organization's second consecutive downward revision.