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Crude Oil Forecast: Brent in Limbo as OPEC Meeting Draws Near

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in Commodities

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BRENT CRUDE OIL (LCOC1) TALKING POINTS

  • Demand-side factors continue to dominate.
  • Will OPEC trim supply again?

Crude Oil Forecast: Brent in Limbo as OPEC Meeting Draws Near

BRENT CRUDE OIL FUNDAMENTAL BACKDROP

Brent crude oil rallied yesterday on the back of a weaker U.S. dollar coupled with a notable decrease in U.S. crude oil stockpiles as revealed in the EIA weekly report. This morning has seen a resumption of the downward trend as the dollar is bid once more, making yesterday’s move largely attributed to oversold levels as well as quarter-end rebalancing. Markets are still focused on demand destruction and a global recession as opposed to supply-side concerns.

Full article: Sep 29, 2022 | DailyFX
Warren Venketas, Analyst

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