Crude Oil Forecast: Recessionary Pressures Overcome Brent Despite Several Fundamental Tailwinds

 

TALKING POINTS FOR BRENT CRUDE OIL (LCOC1)

  • The weekly crude stock decline is ineffective in dissuading crude oil bears.
  • Brent receives welcome assistance when a key U.S. pipeline is shut down.
  • The focus for the USD is on U.S. PPI and consumer sentiment.

FUNDAMENTAL BACKDROP: BRENT CRUDE OIL

Even if Brent crude oil prices were slightly higher on Friday, the price is still under pressure. Crude oil fundamentals, notably larger-than-expected drops in API and EIA weekly crude inventory statistics, need more to overcome global recessionary worries. The greatest crude oil leaks in around 10 years have also forced the U.S. Keystone pipeline to be shut down. The decline in supply is mostly to blame for the price of crude oil today.

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