An early pick-up in crude futures is short-lived and prices are back in the red with concerns over U.S.-China trade tensions and excess supply keeping downward pressure.
Increased OPEC+ output, the Gaza cease-fire reducing risk premium and the trade issues are weighing on prices, while upside from Ukrainian attacks on Russian facilities “is not adding up to a whole lot,” says John Kilduff of Again Capital.
“I’m surprised how bearish everyone is for Q1 of next year, and what we could look like in terms of supply and demand,” he adds. “I’m not convinced it’s going to be looking all that bad, but certainly in the near term we are pushing lower.”
www.barrons.com
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