Crude prices are in strong recovery even when OPEC+ continues to bring crude oil back to the markets, says Daniel Ghald, senior strategist of TDS commodities.
Gulf exports probably increase after summer peak
“While this was widely expected and relieved the fears of an even greater increase in the supply, we are still waiting for the markets to fight to absorb these barrels, but more markedly after the summer months since Gulf oil exports are more likely to increase after the maximum seasonal demand of the region.”
“At the moment, the geopolitical climb has shaken the CTAS, but we are still waiting for most of the prices to see the ctas increase their net short position in raw and products during the next week. There is only a very narrow path to substantially higher oil prices.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
