Oil prices are under pressure as demand concerns continue to dominate the narrative, with Brent and WTI both struggling to break out.
Bearish sentiment appears to have taken hold of oil markets lately, with demand concerns dragging prices lower. Oil bulls will be looking to
to lift prices at its upcoming meeting.- European crude differentials have dipped this week after the continent’s return from maintenance has not seen a recovery in crude buying, with ample crude inventories allowing refiners to stave off purchases. - The North Sea’s Forties grade fell to a -$1 per barrel discount to Dated Brent, the physical benchmark in Europe, whilst WTI Midland dropped to a -$0.70 per barrel discount, the lowest since it became part of the Brent basket.
might be the last hope of oil bulls out there. Copper Prices Hit New LME Record. Copper prices have soared to a record high this week, with intra-day LME quotes surpassing $11,000 per metric tonne for the first time, prompted higher by last week’s Comex short squeeze as market participants anticipate supply shortages down the line. Australia’s Power Woes Turn Ugly.
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