Geopolitical risk premiums have gradually evaporated from oil prices as ICE Brent futures slid back to $73 per barrel, a level last seen in the first days of October. Whilst the wait for an Israeli retaliation vis-à-vis Iran is still ongoing, the slowdown of China’s economic growth to 4.6% in the third quarter of 2024 and the fifth consecutive month-over-month decline in Chinese refinery runs have alerted investors to the downside of Chinese demand, sapping the bullish sentiment again.
Friday, October 18th, 2024IEA Expects…Oil Slides in the Absence of Israeli Retaliation Attack
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