Crude Market Has De-Risked For Now. Are We Heading To Sub-$60 Oil?
1. Oil prices rapidly fluctuated from low $60s to high $70s and back. 2. OPEC+ increased production by 411,000 barrels per day for July. 3. Easing geopolitical tensions decreased oil price risks and reestablished supply fundamentals. 4. IEA forecasts muted oil demand growth; OPEC predicts higher demand increases. 5. Analysts predict a significant supply surplus for the fourth quarter.