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Crude oil outlook: WTI break down increasingly likely despite OPEC+ efforts
The lack of a more positive response after the OPEC+ meeting shows the market is disappointed and thus even lower oil prices could be the outcome. Our crude oil outlook remains modestly bearish, as before.
Crude oil forecast: Crucial week as OPEC meeting and key data loom
This could be a pivotal week for the crude oil. With key US economic data on the horizon and the OPEC+ meeting later this week to discuss oil production targets, market participants are bracing for significant developments.
Crude oil outlook remains bearish despite 3% rally
Given the rise in non-OPEC supply growth, the OPEC+ will be under pressure to support prices. But the group has said that it will gradually restore withheld supplies after multiple delays. What’s more, we could see a sharp rise in US drilling activity under Trump’s plans. As a result, we could potentially see a boost in both OPEC and non-OPEC production by 2025 and beyond.
Crude oil outlook: WTI could be heading sub-$65
Highlighting demand concerns, the OPEC has today cut its oil demand growth forecast again. This is the fourth month in a row that it has done so. Weak oil demand in China, the world’s largest oil consumer, remains the primary driver of falling prices.
Crude oil forecast: Increased drilling under Trump could weigh on prices
The immediate response in the commodities space to the Republican’s clean sweep victory has been a bearish one - especially for industrial metals. Copper and silver fell over 4% each, tracking weaker iron ore prices, while gold was off by around 3%. Crude prices fell too but came sharply off their earlier lows.
Crude Oil Week Ahead: China, BRICS, and PMIs
Crude Oil Week Ahead: Crude oil wrapped up the third week of October with a sharp 9% loss, driven by weaker Chinese economic data and reduced concerns about oil supply disruptions. Looking ahead, key events between Chinese policies, BRICS, and PMIs are expected to influence crude oil’s trajectory in the coming week.
Crude Oil Week Ahead: OPEC Report, IEA Report, and Supply Concerns
Crude Oil Week Ahead: the crude oil market is expected to remain volatile this week with the Chinese economic stimulus, shifts in US monetary policy expectations, and supply concerns between hurricanes and geopolitical tensions. This will coincide with the release of OPEC and IEA Oil monthly reports and 2024-2025 forecasts.
Crude Oil Outlook Upside Potential in Question
Crude Oil Outlook: The recent rebound in crude oil prices has been driven by supply disruption fears and hopes of Chinese stimulus, but the sustainability of October’s highs remains uncertain.
Crude oil analysis: What now for Brent prices?
Crude oil analysis: It is all about Middle East conflict now, when it comes to oil prices. The extent of Israel's potential response to Iran will influence how much further geopolitical risk markets are likely to factor in.
Crude oil outlook: WTI shrugs off stockpiles data as growth concerns linger
EIA rude stockpiles data helped to push WTI oil a little off its earlier lows, but it struggled. We maintain a slightly bearish crude oil outlook, especially if WTI breaks back below the $70 on a daily closing basis. Should that happen, it could potentially pave the way for a deeper drop amid follow-up technical selling and given existing concerns about rising supply and lack of a sharper demand growth.
Crude Oil Forecast: Weak Demand and Growing Bearish Sentiment
The overall crude oil forecast remains clouded by weak demand, particularly from China, and rising supply pressures. As speculators turn increasingly bearish and technical signals point to further downside, oil prices could continue to face headwinds in the near term.
Crude oil analysis: WTI heading to sub-$70?
Hopes that the US driving season would propel prices to new 2024 highs this summer failed to materialise as demand remained weak in key economic regions like China. At the same time, the OPEC+ appeared content with plans to increase output from the fourth quarter.
Crude Oil Update: Returning to the 2024 Starting Point
Crude Oil Update: With both the Chinese and US economies reporting economic statistics previously seen in 2009, bearish pressures have driven oil prices back towards the 2024 lows, raising concerns about a potential decline into the $60 price range.
Crude Oil Outlook: Bearish Trends Continue to Unfold
Crude Oil Outlook: As disappointing economic data from China persists and the potential for a ceasefire in the Middle East dominates headlines, bearish pressures are driving oil prices back towards the lower end of the $70 range.
Crude Oil Forecast: Week Ahead
Crude Oil Forecast: Oil market volatility is expected next week with Powell’s economic outlook and crude oil inventory updates.
Crude oil forecast: WTI rallies following stronger GDP data
Stronger GDP, core durable goods orders and the drop in oil inventories have all helped to alleviate demand concerns somewhat, reducing the pressure on oil prices. After today’s reversal-looking price candle, our crude oil forecast has turned modestly bullish.
Crude oil forecast: WTI turns positive, snapping 3-day fall
Crude oil prices turned high on the session, with Brent finding good support from $84.00 and WTI around $80.50. We are still anticipating higher oil prices due to slower output growth in H2, which should means a tighter oil market. Therefore, our crude oil forecast remains bullish.
Crude oil forecast still bullish despite drop
Recent softness in global data has weighed on oil investors’ expectations about the level of demand growth. Yet, some oil forecasters like the Energy Information Administration (EIA) continue to envisage higher oil prices, thanks largely to lower output growth. We also share this view and reckon oil prices are heading further higher in H2 as the market tightens. Our crude oil forecast thus remains bullish.
Crude oil analysis: WTI off highs but extends rally
West Texas Intermediate (WTI) crude oil was slightly off its best levels but remained on track to close higher for the fourth consecutive week as of late Friday. In the week ahead, keep an eye on crude inventories and consumer inflation data from the US.
Crude oil forecast: WTI hits trend resistance ahead of key macro events
It is possible we could see crude oil prices come under pressure again after the recent recovery. After all, there are several factors that are likely to limit the upside potential from here, including increased non-OPEC supply, which is undermining the OPEC+ efforts to stabilise the markets.
Crude oil forecast: WTI stages sharp recovery
While there is hope for increased fuel demand as we head deeper into the US driving season, today’s recovery comes on the back of a three-week drop amid concerns over demand in China and rising non-OPEC supply. So, it remains to be seen whether the recovery can hold. The crude oil forecast will be under spotlight when the Fed make a decision on interest rates later this week.
Crude Oil Forecast: Week Ahead – June 10, 2024
The crude oil selling resumed on Friday after a two-day respite, although the losses were not as severe as those observed earlier in the week and far less forceful than the drop in metals. This is because a strong jobs report and services PMI data both helped to reduce fears over weakening demand in the US...
Crude oil forecast: WTI holds key support after sharp sell-off
Today’s release of a much stronger-than-expected ISM services PMI report has also helped to reduce economic slowdown fears, and this is helping oil prices. Traders have largely shrugged off the unexpected build in US crude oil stocks. In light of today’s recovery, the short-term crude oil forecast has turned moderately bullish.