WTI - BEARISH OUTLLOK
OPEC, deflecting blame for the oil market crash, slightly increased its 2023 global oil demand growth forecast to 2.46 million barrels per day. The group's aggressive production cuts, aiming for $100 per barrel, face skepticism. Market bears challenge OPEC's strategy, selling consistently for three weeks. Questions persist about OPEC+ members responding with additional production cuts. Despite concerns, OPEC's report downplays worries about demand, referencing exaggerated negativity around Chinese demand. In the market, WTI rose to $78.26 per barrel, up 1.4%, but ended the previous week down 4.1%. Brent settled at $82.54, up 1.4%, with Brent concluding the last week down 3.8%. The global crude benchmark also experienced an 11% decline in October.
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