- Oil is down more than $2/Bbl as China holds back on stimulus
- China’s top economic planner ended a highly anticipated meeting on Tuesday without announcing any additional stimulus measures
- ING said, “China failed to meet the market expectations for more government spending” and “without policy support, an economic slowdown could keep China’s oil demand subdued in the short to medium term”
- Meanwhile, fighting in Southern Lebanon between Israel and Hezbollah has continued
- China’s top economic planner ended a highly anticipated meeting on Tuesday without announcing any additional stimulus measures
- OPEC+ prepared to offset Iranian output loss, but disruptions remain a concern (PGJ)
- OPEC is prepared to compensate for Iranian oil loss, but broader disruptions remain a concern amidst potential Middle East conflicts
- OPEC has enough spare capacity to offset a full loss of Iranian oil supply if facilities are attacked
- Spare capacity risks are heightened as much of it is in potentially vulnerable Gulf regions
- A Middle East conflict impacting production could push oil prices up, affecting global prices
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