Gunvor: Weakening Demand Could Send Oil Prices Back Down To $71

Brent Crude prices could retest the $71-72 per barrel threshold over the next six months amid weakening demand in Europe and the United States and a lot of uncertainty over China’s consumption, commodity trading giant Gunvor Group says. The oil market is at risk of a “significant correction” in the last quarter of this year or the first quarter of 2024, Frederic Lasserre, Global Head of Research & Analysis at Gunvor Group, told Bloomberg in an interview at the Asia Pacific Petroleum Conference (APPEC) by S&P Global Commodity…