November 16, 2023 [Barron’s]- Oil prices were inching higher, with market fundamentals remaining tight despite worries over global growth.
Brent crude and WTI were both up 0.3% to $82.76 a barrel and $78.50 a barrel respectively.
Analysts at ING said that the recent sell off in oil prices has been extreme and that the market is much tighter than appears.
“While fundamentals may not be as bullish as initially thought, they are still supportive, with the market likely to be in deficit for the remainder of this year. The surplus we see early next year could even be erased if the Saudis roll over their additional voluntary supply cuts,” ING added in a note.
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