OPEC production cuts kick in this week, adding to uncertainty over crude prices
West Texas Intermediate, the U.S. benchmark for the price of oil, is back in the mid-$75 range ahead of expected production cuts this week from OPEC+ producers.Crude oil prices this week will be certain to pivot on interest rate adjustments from the U.S. and European central banks, though analysts said to be mindful of the start of OPEC+ production cuts and possible demand weakness.
Many of the demand-side indicators that were expected to prop up prices, he said, have not come in as strong as expected. The uncomfortable waiting game, meanwhile, may be related to an expected uptick in crude oil prices, though analysts like Hickin may have to wait a little longer. Investment bank ING reports that confidence at the CEO level is consistent with a recession, while a slowdown in the housing market may be a sign of things to come.
With more production coming from Big Oil, and Russian barrels holding up against sanctions, supply-side fears may be exaggerated.
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