- Analytics
- News and Tools
- Market News
- Oil prices fall drastically – Commerzbank
Oil prices fall drastically – Commerzbank
Provided there is no renewed escalation of tensions in the Middle East, oil prices are likely to retreat further due to weaker fundamental data, Commerzbank commodity analyst Carsten Fritsch notes.
Oil prices are likely to fall further
“The oil price fell significantly this week after a US daily newspaper reported that Israel would spare Iran's oil and nuclear facilities in the pending retaliatory strike. This has made a further escalation of the conflict between Israel and Iran, and resulting supply disruptions in the oil market, less likely.”
“Unless there are developments that lead to a reassessment, the oil market is likely to focus more on weaker fundamentals and the looming oversupply next year. The latter could be considerable if oil production in some OPEC+ countries is gradually increased from December as planned. The market is now waiting for signals whether this production increase will actually materialize or whether it will possibly be postponed again.”
“A decision would have to be taken and communicated by early November. As that deadline approaches, the market will wait for statements from the countries concerned, and in particular from Saudi Arabia. If these are not forthcoming, oil prices are likely to fall further.”
© 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
