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Goldman Sachs and Morgan Stanley cut crude price forecasts this week on weak China demand and strong supply from the Americas. Libya's eastern authorities halted about 40% of national output in a dispute with the Tripoli government, but futures barely reacted.
OPEC+ is scheduled to add 543,000 bpd in the fourth quarter and is weighing whether to proceed.
Bank forecast cuts and ample supply point to softer crude prices, which pressure energy-linked feedstock and biofuel margins. The muted reaction to Libya suggests the market is discounting supply risk.
energynow.comAug 28, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
