Oil price recovery depends on market confidence
Pumpjacks operate near a drilling rig along State Highway 191 between Midland and Odessa. Crude oil prices are expected to recover lost ground, but it may take a boost of confidence to assure the market that a banking crisis won’t leave long-term scars.Crude oil prices are expected to recover lost ground, but it may take a boost of confidence to assure the market that a banking crisis won’t leave long-term scars on the global economy, analysts said.
“The global banking system is in a much healthier state than it was in 2007-08 – with greater capital buffers and stronger balance sheets,” he said. “I wouldn’t be surprised if crude settles into a new range for a while, as traders will likely be cautious considering broader economic uncertainties,” said Jeff Mower, oil news director for the Americas at S&P Global Commodity Insights.
Here at home, meanwhile, Ed Longanecker, president of the Texas Independent Producers & Royalty Owners Association, is concerned higher lending rates could throttle U.S. energy momentum even further.
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