Oil’s price drop Tuesday to the lowest finish in three-and-a-half months may come as a surprise to traders focused on the risk of crude supply disruptions in the Middle East, but not so much to those who have assessed the latest global economic data.
Exports have been declining because refineries ran out of government export quotas, Alhajji said. Without additional quotas, or allowances, exports are expected to decline, resulting in “lower crude imports or higher inventories, or both,” he said. Global supplies The EIA, meanwhile, in its monthly November Short-term Energy Outlook report released Tuesday, forecast growth in global oil production next year, but also said it expects ongoing cuts by the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, to “keep global production growth lower than global consumption growth.”
U.S. output and demand Over in the U.S., oil demand remains weak and lower than last year, while some European countries are “already in recession,” Alhajji said. Troy Vincent, senior market analyst at DTN, however, said the bearishness in oil isn’t all about refined product demand weakness.
Source: News Formal (newsformal.com)
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