Although US inventories beat market expectations, crude oil continues to trade at a weekly low and works towards giving back advance from last month’s low. It seems to follow a negative slope in the Moving Average as it failed for the second consecutive day. The market expects the oil to go lower as it is unbothered by the surge in the USD.
Bulls are optimistic that the data prints will affect the decision of the OPEC+ at their next meeting. The US inventories currently saw a 3.326 M decline, and it is yet to be seen what the Ministerial meeting coming up on the 5th of September, 2022 will result in following this dangerous downward turn.
The recent Monthly Oil Market Report (MOMR) has, however, cautioned that the world’s oil price will rise due to rising demands and low supply, stating, “for 2022, world oil demand is foreseen to rise by 3.1 mb/d, a downward revision of 0.3 mb/d from last month’s estimate.”
The market sentiments on oil might remain quiet before the meeting as there is nothing much to see, just the price struggling. Although it might not regain the monthly low ($85.73) because of the OPEC’s decision to increase supply by “0.1 mb/d for the month of September 2022,” market expectation, if substantial, might create a rebound for crude oil as the USD shines amongst other Fx.
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