- Oil is trading lower, with August WTI back below $80 (As of 7:47 AM)
- WTI prices have fallen to a one-month low
- Tensions in the Middle East have continued to rise over the weekend, with Israel launching an airstrike against an oil depot in Yemen and ongoing fighting in southern Gaza
- China lowered a key short-term policy rate in an effort to boost its economy
- Morgan Stanley sees oil markets in a surplus next year (Reuters)
- While the market is currently tight and is expected to remain undersupplied through the end of the third quarter, the market may be balanced in the fourth quarter
- 2025 may be more challenging, with the bank seeing 2.5 MMBbl/d of OPEC and non-OPEC supply growth in 2025, outpacing demand growth
- Oversupplied conditions could lead to weaker prices or discourage OPEC from bringing supply back into the market
- Morgan Stanley left their third-quarter Brent forecast unchanged at $86/Bbl
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