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Free AccessCrude Rebounds on Positive Demand Outlook
Crude prices have moved back into positive territory following the comments from Russia’s Deputy PM Alexander Novak that the oil market balance between demand and supply is fragile and an upward revision for this year’s oil demand forecast from the IEA. Prices also received support from a lower US dollar ahead of today’s US CPI data release.
- Brent DEC 23 up 1.1% at 86.75$/bbl
- WTI NOV 23 up 0.8% at 84.17$/bbl
- WTI-Brent down -0.13$/bbl at -3.92$/bbl
- Crude prices remain below levels seen earlier this month, with downward pressure from demand destruction.
- Global oil demand growth for this year has been revised up by 100kbpd to 2.3mbpd to reach 101.9mbpd in 2023, driven by growth in China, India and Brazil according to the IEA Monthly Oil Market Report.
- Oil producers will continue to work together and act pre-emptively according to bin Salman while Novak said the balance between supply and demand is fragile and could be affected by slowing global economic growth.
- The US CPI data due at 08:30 ET is expected at 3.6% y/y from the prior 3.7%.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.