Oil Prices Bounce, Lifted by Drop in Crude Inventories and Hurricane Francine
Energy Stocks Erase 2024 Gains as Brent Dips Below US$70
Oil Rebounds Over 1% On Falling U.S. Crude Stocks And Storm Concerns
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.
OPEC Trims Oil Demand Outlook Further Amid Price Slump -- Update
Top global crude oil traders: As volatility decreases, the prosperous era of the market will come to an end.
As the impact of major market events in the past few years gradually fades, top global csi commodity equity index traders are striving to cope with a more challenging crude oil trade environment.
Gulf of Mexico Storm Helps Lift Crude Futures -- Market Talk
Oil Prices on Track for Hefty Weekly Drop on Fears Over Demand
Multiple bearish factors dominate the market, causing WTI to fall below the $70 level.
This week (8.29-9.4), crude oil overall showed a downward trend in volatility. The average price of WTI this week was $72.25 per barrel, a decrease of $2.81 per barrel, or -3.75%, from the previous week. The main factors that led to the pressure and decline in oil prices during the week were: OPEC's increase in crude oil supply, the expected recovery of Libyan crude oil supply, and poor US energy demand.
It is reported that OPEC+ has agreed to suspend production increases, and US crude oil inventories have dropped to a low point in January, causing oil prices to rise and then fall back.
The analysis points out that although the crude oil inventory in the USA has plummeted, there is a risk of the Cushing inventory bottoming out, and OPEC+ has decided to postpone the production increase by two months, but the oil price rebound is weak because the bears are currently dominant.
OPEC+ Members Delay Production Increase Amid Falling Prices
U.S. Crude Oil Stockpiles Fall More Than Expected -- Update
Oil Prices Attempt Bounce off 2024 Lows After Inventory Drop as Traders Watch OPEC+
Crude Oil Bottoms Out as OPEC Mulls Delaying Supply Increase
Oil Pauses Near 14-Month Low on Signs of Falling US Stockpiles