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WTI crude oil futures bounces off lowest since December 2, 2021,
Settle $67.64 Up $0.90 or 1.35%
Range: $67.88 – $64.36Russia deputy PM says will continue to reduce production by 500k bpd until end of June
– Says achieving target level of production cuts
(No surprise with Xi, Putin visit & Russia overtaking KSA as China biggest supplier, discount + budget)Commerzbank cuts 2023 midyear Brent crude #oil forecast to US$80 from $95
“The price slide is chiefly attributable to concerns that oil demand could weaken as a result of the latest market turmoil, even though there has been no sign of this happening as yet
Though the latest price slide is due for the most part to higher risk aversion following the market turmoil, it is not probable that this will be quickly and completely reversed
After all, fundamentals such as market balance and stock levels no longer look as price-positive as the International Energy Agency had previously predicted”
WTI crude oil settled Friday at $69.26 up $3.47 or 2.32% for the week surviving a low of $64.36 Monday and seeing a high of $71.67 flirting between te
[See the full post at: Around The Barrel – Crude Oil and Gasoline Outlook for The Week Ahead]
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