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Oil Trending to the Low $70s on Balanced Market: Julius Baer

OIL

Oil prices are trending to the low $70s as the “oil market seems well balanced this year,” despite Middle East conflict and shipping risks in the Red Sea according to the head of economic at Julius Baer.

  • “The oil market has its eyes no longer on geopolitics but on the prospects of ongoing fundamental softness” said Norbert Ruecker at Julius Baer
  • “Oil supplies should remain ample amidst a soft economy, almost stagnant demand, and production growth in the Americas.”
  • “China’s oil demand could be at its peak given the prevailing economic challenges.”
  • Saudi Arabia’s price cuts “hint at the increased competition between the petro-nations for buyers, as supplies from Russia, Iran, or Venezuela come with discounts due to Western sanctions.”
Energy BulletsCommodities
Energy BulletsCommodities

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