Oil futures begin the week with a further push to the upside after ending last week at 2023 highs, finding support on worries over tightening crude supplies.
Oil futures rose early Monday, building on 2023 highs on continued concerns over tightening crude supplies.
Price action Market drivers WTI rose 3.7% last week, while Brent advanced 3.6%; both grades ended Friday at their highest since November. Crude has been on a tear since summer, recovering from an early 2023 selloff as expectations for tight second-half supplies overshadowed worries over the economic recovery in China, the world’s second-biggest oil consumer.
A decision by Saudi Arabia to cut production by 1 million barrels a day beginning in July has played a major role in pushing crude higher. The cut was recently extended through the end of the year, while Russia has also moved to curb supplies by 300,000 barrels a day over the same stretch. “What’s striking is that this relentless oil price rally has taken place even amid concerns about lower demand from Europe and China as those economies grapple with a severe slowdown, which demonstrates just how tight the supply side of the equation has become,” said Marios Hadjikyriacos, lead investment analyst at XM, in a note.
“The fact that oil rallied on Friday despite the risk-off tone in equity markets adds credence to this notion,” he wrote.
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