Zincy
In Vino Veritas
Oil demand is starting to crater again.
The price bumped up briefly due to the whole Red Sea thing and the Saudis announcing yet another production cut.
But Brent Crude is now back below 80 and dropping like a stone. 75.15 when I checked last.
The demand just isn’t there, the US is producing record amounts, and OPEC+ can’t risk going much lower with sacrificing market share.
Even a full on war in the middle east likely won’t bump prices up that much.
There’s just a glut in the market and not a lot of major buying going on.