Geopolitical tensions drive Brent crude prices over USD 80/barrel. US targets Iranian proxies, Houthi attacks in Red Sea raise supply disruption concerns. OPEC+ production falls short of pledged cuts. Global demand to increase marginally in 2024, mainly from emerging markets.
Oil prices remain steady as rising inventories in the US overshadow news of likely pauses in US interest rate hikes and a crucial vote on the US debt ceiling bill. China, has given mixed signals about its demand, and industry statistics suggest an increase in US crude inventories.
the child tax credit. that s for families making $300,000. blue collar families are working. blue collar workers more than any other group are the ones that did well under the previous administration. so the policies that we have now are very pleasing to many people on wall street. not so much to the people on the ground. by the way, of course, the main thing bothering people is the fact that we have a winter coming and we may not have enough oil to heat people s home or natural gas. fuel for heating is a real concern. we saw a draw down in crude oil inventory. we re expecting a drop of two million. instead, it s dropped 12.5 million. what s up with that? the fact that is even including slow down in china. so even though we have a slow down in china, they re not getting as much oil as we thought they would. we still have a problem with oil here. that is a big problem going in to the winter. charles: if they come off the covid policy and they have their demand and we have ours.