CRUDE OIL PRICE FORECAST: BEARISH
- Crude oil prices idle amid US-China commerce conflict, Brexit uncertainty
- Returning international slowdown worries would possibly revive promoting stress
- OPEC could also be an afterthought as US output continues to balloon
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Crude oil costs have been idling in a uneven $50-62/bbl vary for the reason that center of the 12 months. The standstill seems to mirror a broad vary of uncertainties across the outlook for demand. Buyers are weighing whether or not a dovish pivot in worldwide financial coverage led by the Federal Reserve might be sufficient to countervail a world financial slowdown.
Main PMI survey suggests development registered at near-standstill in October, extending a steep downturn from a peak in March 2018. The continued US-China commerce conflict and a handful of copycat conflicts – just like the latest spat between South Korea and Japan – have accounted for a few of this. Uncertainty about the best way ahead for Brexit appears to be one other contributing issue.
STEADY STREAM OF EVENT RISK TO DRIVE OIL PRICE VOLATILITY
A long-lasting pattern will most likely battle to emerge on this area. However, a gradual barrage of headlines informing these twin narratives together with a potent dose of scheduled occasion danger promise volatility within the coming week. OPEC officers will meet forward…