08 Dec, 23

Oil Prices Climb But Bearish Sentiment Remains Strong

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Oil prices were rising early on Friday morning but remain on course for a seventh consecutive weekly loss as demand concerns continue to drive bearish sentiment.Friday, December 8th, 2023With Chinese oil demand slowing down into Q4, OPEC+ production cuts failing to impress the oil market, and non-OPEC supply continuing to grow – with Guyana starting its third FPSO this month – the immediate outlook for oil prices is far from rosy. Both WTI and Brent fell to their lowest readings since June, falling below $69 and $74 per barrel, respectively,…

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