Crude Oil: Recession fears weigh but no sustained rout in the cards – TDS Oil Commodities Recession Brent Banks
Bart Melek, Head of Commodity Strategy at TD Securities beileves that there is no sustained downtrend in crude“Despite unexpectedly large crude oil and gasoline inventory draws, concerns surrounding global economic weakness, diminishing crack spreads and a lackluster appetite for risk have kept crude oil prices from bouncing meaningfully higher following the EIA data.”
“Specs are no doubt aggressively cutting the recently acquired long exposure amid growing concerns that the petroleum complex will become oversupplied, as demand moderates in response to weakening economic conditions.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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