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Oil Q2 Forecast: How Will Crude Oil Prices Budge Between Weak Growth, Undersupply？
Abstract：Can the downward pressure on crude oil prices from weakening global demand be offset by the stimulative measures from OPEC+ cuts, and from US-imposed sanctions on Iran and Venezuela？
Since the start of the year, crude oil prices have enjoyed an almost 30 percent increase but have still not recovered from the 40 percent drop in Q4 2018. Increasing concerns about weakening global growth – especially out of powerhouse economies such as China and the US – may undercut the sentiment-linked commoditys upside momentum if underlying demand for it is eroded.
However, crude oil prices may receive a boon from politically-based factors. The most recent OPEC+ meeting that was supposed to take place in April was cancelled, with investors now waiting for the June session. Officials are expected to be in support of deep cuts. The US is also reimposing sanctions against Iran, which may undercut supply and boost prices.
See the complete Q219 Oil Forecast as well as outlook for other major currencies, equities, and gold.
---Written by Tyler Yell, CMT and Dimitri Zabelin, Analysts for DailyFX.com
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Unconfirm Explosion in Middle East Stimulates Commodities Prices
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GemForex | Crude Oil (WTI)
Crude Oil (WTI) - Rebound in the offing?
The dollar index hit a new two-year high, gold and crude oil rebounded weakly
The dollar index hit a new two-year high, gold and crude oil rebounded weakly
Oil inches higher as OPEC meetings continue
A stronger than expected payroll report last Friday pushed equity markets to another all-time high. The U.S. economy added 850,000 new jobs during June when the consensus expected 700,000. Whilst the headline number looks good, there’s plenty to be worried about under the hood, as the new jobs are mostly in those sectors of the economy that have reopened. For instance, the leisure and hospitality sectors added 343,000 new jobs, education around 269,000, and the retail sector 67,000. These add up to around 80% of the total; this is great at first glance but not in the long run since these sectors do not drive the productivity or wage growth required for sustainable expansion. In particular, the U.S. economy is 70% consumer driven, which emphasizes the importance of a healthy and wealthy labor market. With the country still 7 million jobs short of pre-pandemic levels and most of the recovery happening in low-paying and low-productivity sectors, there is still a long way to go before the
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