- Analytics
- News and Tools
- Market News
- Crude oil prices trending down – NAB Group
Crude oil prices trending down – NAB Group
Having trended higher across June, crude oil prices peaked in early July (at around US$88/barrel for benchmark Brent crude) before trending down across the rest of the month, NAB commodity analysts note.
Supply side fears produce volatility
“In line with subdued global economic conditions, the International Energy Agency noted that oil consumption grew comparatively modestly in Q2 2024 – up by around 710kb/d from Q1 – with Chinese consumption falling year-on-year during this period.”
“Growth in supply outpaced consumption – increasing by 910kb/d – led by higher production in the United States and coming despite ongoing restrictions on supply from OPEC+. Recent volatility in crude prices largely reflects supply side fears, such as concerns of an escalation of conflicts in the Middle East negatively impacting output in the region.”
“Our forecasts are unchanged this month, with Brent crude expected to average US$85/barrel in 2024 and US$84/barrel in 2025.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
