Given how surprisingly hot economic data has been lately, China’s reopening and all the sudden chatter of a “no landing” scenario, you’d expect oil prices to also tick up. But no.
Brent and WTI both kept sagging since the summer of 2022, and have been ambling around the $85-90 and $75-80 range respectively for most of 2023. What’s up?
Basically, unlike many other markets, oil tends to be the annoying Zen philosopher of commodities and only lives in the here and now. And right here and now, the oil market remains well-supplied, notes Goldman Sachs.
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