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Crude Holding Losses

OIL

Crude is holding near its intraday losses after prices have slumped during the day.

  • Although OPEC+ has rolled over its voluntary cuts, poor compliance among several members, coupled with signs that Saudi Arabia will struggle to maintain caps on future supply, has created a bearish market feel.
  • Goldman Sachs said it viewed the latest OPEC+ meeting at bearish despite the cut extension and expects Brent in the $75-90/bbl range due the signalling of the gradual phaseout of voluntary cuts.
  • Fears of higher for longer interest rates and more tepid demand over the peak summer driving season are also a factor weighing on the oil market’s current sentiment.
  • WTI JUL 24 down 3.7% at 74.12$/bbl
  • WTI JUL 24-AUG 24 down 0.1$/bbl at 0.16$/bbl
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