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Oil Markets Reacting to Macroeconomic Data: Chevron Official

OIL

Concerns about the global economy dented the price reaction to Saudi’s pledge to cut supplies further according to Colin Parfitt, Chevron's vice president of midstream.

  • "Saudi Arabia made a cut of 1 million barrels per day and fundamentally, the market yawned. It's all about macroeconomic sentiment." he said.
  • "You've got this macroeconomic sentiment, this general malaise, that says: well, the economy is slowing down," he added.
  • Softer prices are masking an oil market that is little changed from last year and remains tight, with little spare capacity to deal with a future rise in demand according to Parfitt.
  • "I could paint the picture this could turn around quite quickly," Parfitt said pointing towards potential uptick in activity from China.

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