OPEC, deflecting blame for the oil market crash, slightly increased its 2023 global oil demand growth forecast to 2.46 million barrels per day. The group's aggressive production cuts, aiming for $100 per barrel, face skepticism. Market bears challenge OPEC's strategy, selling consistently for three weeks. Questions persist about OPEC+ members responding with additional production cuts. Despite concerns, OPEC's report downplays worries about demand, referencing exaggerated negativity around Chinese demand. In the market, WTI rose to $78.26 per barrel, up 1.4%, but ended the previous week down 4.1%. Brent settled at $82.54, up 1.4%, with Brent concluding the last week down 3.8%. The global crude benchmark also experienced an 11% decline in October.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.