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Bank of America analysts say crude oil, which has been range-bound for about a year, is nearing a technical breakout, with a bearish breakout seen as more likely. Brent fell below $80 a barrel as the Middle East war premium shrank and China demand concerns grew.
The article also judges that OPEC+ is unlikely to roll back its production cuts.
A bank's bearish technical call combined with fading geopolitical premium points to lower crude prices, which would ease energy input costs for feed producers. Any OPEC+ reversal would be the main upside risk.
oilprice.comIrina SlavJul 31, 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.
