Oil Prices Still in the Red – Third Day, Third Time
Oil’s been riding the negative write‑offs for three straight days – a mood‑lightning‑storm we’re still reeling from.
Why the Buzz About Biden’s Exit Matters
The big news that Biden is stepping out of the race raises a red flag for the US oil scene:
- Policy Shifts on the Horizon: A new administration could tweak the rules that govern how much oil we produce and how we regulate the industry.
- Kamala Harris’s Tough Stance: The Vice‑President is likely to push harder on regulations, which could shrink supply and change the market’s balance.
What’s Happening with Supply & Demand?
The market’s looking ahead to a potential surplus later this year and next. If OPEC sells its remaining production cuts, it could stoke the fire and push prices lower.
Meanwhile, sluggish economic signals in Europe and China keep demand on the back burner. But there’s a silver lining in the US: softer inflation and a quiet labour market are dragging interest‑rate expectations down.
- Fed’s Rate‑Cut Hopes: If rates shrink, it’s a green light for businesses to spend more on energy, pulling oil prices up.
- Demand Boosts: A dip in rates could translate into stronger demand for oil and related products.
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