The price of oil spiked to a fresh yearly high ($130.50) in March amid the disruptions caused by the Russia-Ukraine war. Get your market update from DavidJSong here:
spiked to a fresh yearly high in March amid the disruptions caused by the Russia-Ukraine war. Current market conditions may lead to higher crude prices as expectations for strong demand are met with indications of limited supply.appears to have stalled ahead of the record high as the rapid rise dampens the outlook for consumption. However, recent data prints coming out of the US suggest demand will remain robust in 2022 amid a downward trend in crude inventories.
Nevertheless, the MOMR states that “the latest available monthly data for the US implies strongly increasing oil requirements.” Expectations for robust demand may see OPEC and its allies retaining the current production schedule. The group plans to “adjust upward the monthly overall production by 0.4 mb/d for the month of April 2022.”This upbeat outlook suggests OPEC will maintain a gradual approach to restoring production to pre-pandemic levels.
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