Demand expectations suffer another blow, WTI falls to a new low for the year.
This week (9.5-9.11), the overall crude oil price showed a downward trend. The average price of WTI this week is $67.72 per barrel, a decrease of $4.53 per barrel, or -6.27% compared to the previous week.
WTI Rises to Near $68.50 Due to Output Disruptions in the US Gulf of Mexico
Oil Prices Extend Recovery Rally To Cap Volatile Week
Pessimistic forecasts are emerging one after another! IEA lowered its oil demand forecast, and Citigroup and Morgan Stanley are also bearish.
The growth rate of oil demand has dropped to its lowest level since the outbreak.
Yu Yaohui: The rebound momentum of the US stock market is strong. Oil stocks are temporarily waiting to strike again.
Cheung Yiu Fai, Director of Research at Bright Smart Securities, said that after last week's sharp decline, US stocks rebounded strongly this week, with technology stocks performing the best. Nvidia (NVDA.US) has become the biggest contributor to this round of rebound.
Oil Futures Extend Recovery From Lows -- Market Talk