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Oil: signs of tightness in the physical market will need to emerge for oil prices to rally

A snippet from ANZ's outlook for oil. The Energy Information Agency said that oil demand in the US will grow at just under 1% in 2023 due to a forecast slump in diesel demand. The distillate fuel is being impacted by tighter monetary policies in the US as the Fed looks to rein in inflation. This is being exacerbated by a US consumer shift to spending on services rather than manufactured goods. The EIA also upgraded its forecast for US supply in its Short Term Energy Outlook. This took the gloss... Read More

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Content Topics

Oil

Signs

Tightness

Physical

Market

Will

Need

Emerge

Prices

Forex

Posted: Jun 6 2023, 23:50

Author Name: forexlive

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