Market watchers say they’re now waiting to see if OPEC and its allies will have any...
Market watchers say they’re now waiting to see if OPEC and its allies will have any surprises in store this week that could move the needle in one direction or the other.Crude oil prices have rallied despite a steady string of bad economic news and market watchers said they’re now waiting to see if OPEC and its allies will have any surprises in store this week that could move the needle in one direction or the other.
“I’d say recession is potentially not as severe as initially thought,” added Claudio Galimberti, a senior vice president of analysis at Norwegian consultancy Rystad Energy. Meanwhile, demand continues to hold up. Prices at the pump are drifting away from highs above $5 per gallon earlier this year and U.S. data last week showed that gasoline demand improved by 8.5 percent from the week prior.
That was the general consensus too from Big Oil last week. Both TotalEnergies and Shell said the appetite for crude will overwhelm supplies and keep prices elevated for the foreseeable future. Abhi Rajendran, the head of global oil and downstream markets for Energy Intelligence, said he too thinks OPEC+ will probably remain cautious about adding more barrels to the market, but he can’t rule out any surprises.
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