Oil Prices Drop on Demand Worries Despite Bullish OPEC and IEA Outlooks
-
Traders focused on rising U.S. crude oil inventories, record American oil production, weaker Chinese data. OPEC and IEA bullish demand outlook quickly forgotten.
-
ING strategists say Saudi Arabia likely to roll over additional 1 million bpd voluntary cut into early 2024 due to price weakness.
-
OPEC and IEA revised oil demand forecasts higher, but actual China crude imports weaker than forecasts.
-
First U.S. retail sales dip in 7 months added to concerns about economies, weighing on oil prices.
-
Non-OPEC supply higher than forecast suggests 2023 market surplus, strengthening case for Saudi and Russian cut extensions.