Interesting, Oil up towards $70This is the latest outlook on the market so seeing Oil back toward $70 just seems odd with these conditions. Maybe today's sell-off was profit-taking after buying $65 Oil, who knows one thing is for sure that nothing is for sure but I do see lower Oil during 2024 we'll know more once we see just how high it will go in the summer with everything happening but if a bank failure does blindside the world Oil will hit $50+ plus everything is riding on China being successful but from Jan till lately they haven't proven a lot remember China cut GDP to 5% early in the year expanding only 3% in 2022 the lowest since 1976 if 2020 is excluded so I'm not putting huge faith in China meeting 50% of world demand more like 30% and now this latest crisis that will throw the US into a recession at best along with Europe won't aid China growing as predicted.
WTI crude futures edged below $70 per barrel on Friday as US Energy Secretary Jennifer Granholm told lawmakers that it will be “difficult” to refill strategic oil reserves this year, prompting speculations that the US government would only start buying at even lower prices. Signs of robust crude supply from Russia also weighed on prices, as the previously announced cut in the country’s oil production would come from a higher base of output than initially indicated. Moreover, the global banking sector remains mired in uncertainties even after Treasury Secretary Janet Yellen said authorities are prepared to take more action if needed to stabilize US banks, prompting investors to avoid risk assets. Still, the US oil benchmark is on track to finish the week higher, underpinned by bets that the Federal Reserve will soon end its tightening campaign and optimism over China’s demand recovery.
China Full Year GDP Growth 