Marketwire reports that several analysts are seeing severe issues with the sudden shutdown of Libyan Oil fields as they produce Light Sweet Crude, which is in high demand on the markets.
Recent Chinese data reveals that Chinese Crude refiners are struggling with far less demand as sales of Electric Vehicles (EVs) are booming in China. The sector is already on the back foot due to a slowdown in demand from the manufacturing and construction sectors, a Bloomberg report showed this Tuesday.
Goldman Sachs joins Morgan Stanley and cuts its Brent forecast to $77.00 per barrel by 2025 as OPEC is probably heading to reverse its voluntary supply cuts.
The American Petroleum Institute will release at 20:30 GMT its weekly crude Oil stock numbers for the week ending August 23. Analysts expect a drawdown of 3 million barrels.
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