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Jun 30 - 06:55 PM

Oil: Tight Supply Supports Spot Despite Rising Growth Risks; What's Next? - Danske

By eFXdata  —  Jun 30 - 03:00 PM

Danske Research discusses Oil outlook and sees prices supported in the near-term.

"Oil spot prices recovered from post-PMI lows as supply risks persist, while recession fears continue to weigh on the longer end of the curve," Danske notes. 

"While looming demand slowdown points towards easing commodity prices in 2023, the limited spare capacity in global markets could support the current steep backwardation and high spot prices in the near-term, we see Brent crude averaging USD120/bbl in Q3 and USD100/bbl in Q4," Danske adds. 

Source:
Danske Research/Market Commentary

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