DJ Oil Prices Likely to Bottom Out Soon -- Market Talk
0129 GMT - Oil prices still have downside momentum, but it is likely that a bottom will be found soon, analysts at StoneX Market Intelligence write in a note. Market participants expected OPEC+ production cuts to remain in place until the year-end, as compared with its announcement to end some cuts after 3Q, which led to the recent selloff, they say. Rising inventories, a strong supply, and lackluster demand are pressuring prices, they say, adding that in the short-term, recovery appears unlikely. But it could improve in the medium to long term if demand rises, which seems likely as crude oil imports globally ticked higher in May, they add. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
June 09, 2024 21:29 ET (01:29 GMT)
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