bearish
Copper Inventories Back at Pre-Covid Levels & Oil Demand Cuts Everywhere
SUMMARY
- During last week, the International Energy Association (IEA) as well as OPEC both announced that demand for oil is slowing, revising down previous demand forecasts for the year and beyond.
- The world is seeing a major deceleration in oil demand growth led by China, with inventories set to rise next year even if OPEC+ were to postpone its plans to ease output cuts, the IEA stated.
- Meanwhile, the growth from the US won’t be able to offset the slowdown from China, according to the agency.
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