The fundamental backdrop of the oil market

The fundamental backdrop of the oil market: Tyler Richey Quoted in Morningstar


Oil prices end higher on surprise fall in U.S. crude supply, rise in gasoline demand

“The fundamental backdrop of the oil market has become less bearish this week, but it would be a stretch to say that market dynamics are beginning to favor the bulls on any time horizon beyond a few days,” said Tyler Richey, co-editor at Sevens Report Research.

“Concerns about a surplus emerging in the global oil market have been dialed back given the improving consumer-demand figures in [Wednesday’s] EIA report and news that OPEC+ leadership is considering postponing output cuts currently planned for December,” he told MarketWatch.

Also, click here to view the full MarketWatch article published on Morningstar on October 30th, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

Oil Inventories


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