Commodities Analysis by Investing.com (Barani Krishnan) covering: Brent Oil Futures, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Bloomberg Crude Oil. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
Still, continuation of oil's bull run may be in jeopardy as Saudi Arabia and Russia face domestic demand concerns
Crude prices began the fourth quarter in the positive, trading modestly higher by Monday afternoon in Asia, after a 1% drop in last month’s final session that took just a little shine off their blockbuster gains in July to September. Already, India’s imports of Saudi oil were at below 500,000 barrels per day in September — the lowest in almost a decade.
Indeed, a durable recovery in China's economy is being delayed by a property slump, falling exports and high youth unemployment, raising fears of weaker fuel demand.Thus, the Saudis might need to produce more in October — not the same of what they pumped in September and certainly not less — to keep China, India and other important customers happy.
To Moscow’s benefit, India has begun buying Russian urals crude at around $80 per barrel — markedly higher than the $60 price cap set by the G7, but still lower than the flat price of Brent.
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