By Robert Harvey and Natalie Grover LONDON (Reuters) - Oil prices may be near $100 a barrel, but a range of factors could prevent a sustained rally ...
By Robert Harvey and Natalie Grover LONDON - Oil prices may be near $100 a barrel, but a range of factors could prevent a sustained rally above that level, analysts say. They include aSaltWire's Atlantic regional weather forecast for September 25, 2023 | SaltWireLONDON - Oil prices may be near $100 a barrel, but a range of factors could prevent a sustained rally above that level, analysts say.
Retail fuel prices in the U.S. and Europe have risen to multi-month highs as crude prices have rallied. Non-OPEC+ output growth could calm any rally. Goldman Sachs sees non-OPEC+ supply rising by 1.1 million barrels per day by next year, while the International Energy Agency has forecast growth of 1.3 million bpd.The return to investment in and growth from offshore production also make a long-term rally less likely, Goldman analysts said, adding"most of the rally is behind us".Geopolitical considerations may also complicate decisions around how long OPEC+ can sustain voluntary cuts.
"I'm not sure there's much economic sense in tipping the global economy into recession if OPEC+ persevered with these cuts, which makes me question how high the price will go and how sustainable it will be," OANDA analyst Craig Erlam said.After months of aggressive rate hikes to tackle stubborn inflation, policymakers in the U.S. and Europe have signalled hikes are at or near their peak.
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