Bearish Short-Term Outlook for Oil Prices Despite Potential Supply Disruptions
23/7 22:42
Supply-demand dynamics, inventory fluctuations, and geopolitical tensions characterize the crude oil market landscape. Analysts at Morgan Stanley project the market to reach equilibrium by the fourth quarter of this year, potentially transitioning to a surplus by 2025. As traders await crucial US oil inventory data, the market is also reacting to geopolitical events, such as the Israeli attack on a Yemeni shipping terminal in retaliation for a recent drone attack on Israel. Also, a Ukrainian drone attack on Russia's largest Black Sea oil refinery may cause global supply disruption. Despite these tensions, the short-term outlook for oil prices remains bearish, influenced by ample inventories and weak demand....