Posted 12/11/2023, 9:30:20 PM
Oil Prices Edge Up but Traders Cautious on Economy, Oversupply Risks Despite Potential OPEC+ Cuts
- Oil prices advancing but traders remain cautious due to economic uncertainty and potential oversupply
- Saudi Arabia and OPEC+ considering further production cuts to stabilize prices between $70-$80 per barrel
- IMF warning of global economic fragmentation leading to 2.5-7% GDP losses
- Hedge funds extremely bearish on oil prices, expecting further declines to force shale output cuts
- Technical outlook shows resistance around $72; support at $70 and $67. IG client sentiment very long oil.