Today, despite the recent production and export cuts by Russia and Saudi Arabia, the outlook for oil markets remains unmistakably bearish. A combination of global economic indicators, well-supplied oil markets, and the resurgence of the trade war can all be read as bearish for oil markets going forward. Global Economic IndicatorsWhen examining global economic indicators, it becomes apparent that most of them are either in decline or headed in a downward direction. These ongoing trade tensions contribute to the bearish sentiment in oil markets. Considering these factors, the writer believes that oil prices will likely touch the lower 60s before the end of 2023.

Source: Libya Today July 07, 2023 20:36 UTC