bullish
Evolving Correlation Between Oil Prices and US Sector Credit Risks
17 Views19 Sep 2023 11:00
SUMMARY
- A strong recovery in developed economies’ growth prospects and expectations of restricted oil supply till the end of 2024 have rallied oil benchmark prices since the start of July-2023.
- Last week, when Saudi Arabia and Russia announced a voluntary daily supply cut of a combined 1.3 million barrels as global oil inventories hit a 13-month low, Brent crude oil prices ticked up close to 2% to a 10-month high and closed above $90/bbl.
- Tighter supply conditions and the resultant impact on oil prices now play a pivotal role in dictating the direction of global inflation levels.
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