Oil prices are on track to post a strong gain this quarter, rallying by 14% since the start of the year thanks to OPEC cuts, geopolitical uncertainty, and hopes of an interest rate cut.
The recent rally in oil prices is pushing the benchmarks towards a quarter of gains thanks to the
output cuts. WTI, according to Bloomberg, has added 14% since the start of the year, topping $82 per barrel earlier this week. Brent crude has gone from around $78 per barrel at the start of the year to over $86 per barrel this week. What’s interesting in the latest movements in oil is that prices earlier today moved up despite the Energy Information Administration reporting an estimated build in crude oil stocks for the latest week, as well as another one in gasoline.
will continue producing less oil, too, as signaled repeatedly by cartel officials. is meeting again next week and expectations are that it will leave its production policy unchanged. On the demand side, meanwhile, the picture is one of strength. “Demand conditions remain firmer than expected in the US and China,” Standard Chartered analyst Han Zhong Liang told Bloomberg. Especially in China, demand is looking “increasingly positive following recent data releases.
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