© Reuters
Investing.com – Crude is on track for its longest streak of quarterly losses in more than 30 years amid strong supply and ongoing demand concerns, Bloomberg writes.
Traders are worried about a potential global economic downturn as well as a weak economic recovery in China. Adequate reserves are available only thanks to oil supplies from Russia and Iran, which outweighs the potential increase in summer demand and production cuts by the Organization of the Petroleum Exporting Countries.
Brent traded at around $75 a barrel on Friday but will post a fourth consecutive quarterly loss. The brand is approaching its first straight quarterly decline since 2019.
There is speculation that the oil market will tighten, in part due to the end of seasonal service.
— Materials from Bloomberg were used in the preparation
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2023-07-03 07:14:00
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