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Brent’s December-December spread narrowed to its weakest level since December of 2021, amid fears of long-term diminished demand outlook. Even the oil market’s most ardent bull, Goldman Sachs Group Inc., no longer sees oil reaching US$100 a barrel this year.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
After trading in a tight range at the start of the year, crude has broken lower as the banking crisis magnified global recession fears and the resilience in Russian crude flows. The price slump has raised the prospect of intervention from the Organization of the Petroleum Exporting Countries Plus , though there’s speculation the group will stay on the sidelines for now.
“This has no longer anything to do with supply and demand,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S. “It is purely driven by worries and short sellers can ride that wave until the general level of risk appetite shows signs of stabilizing.”
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