The potential for a US-India deal that reduces Russian imports could shift India's demand to alternative grades (Middle East/US/Africa), thus increasing demand; reports of declining US crude stockpiles plus planned SPR replenishments are tightening the market; OPEC+ discipline is keeping supply tight; and the risk of supply disruptions (weather, geopolitics, logistics) is adding to the risk premium.
Signs of a global surplus persist due to high non-OPEC production (US, Brazil, Guyana); the demand outlook is not yet solid in China/Europe (depending on PMIs and industry); fluctuating refinery margins are holding back run rate increases; and a strong dollar is making USD-denominated oil more expensive for importers. The near-term direction will be determined by confirmation of the US-India/Russia deal, the official EIA inventory release, and OPEC+ policy signals. (asd)
Brent oil price at the time of writing was $62.41.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.(asd)
Source: Newsmaker.id
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