Oil traders’ bearish turn signals prices may stay low2 min read 26 Mar 2023, 07:21 PM IST
The long-term outlook for prices is mostly bullish as US production stagnates while Chinese demand is expected to rebound and Russian output is projected to drop. But the near-term headwinds are significant, and prices have plunged this month as speculation mounts that weakness in the banking system could spark a full-blown recession
Ask the world’s biggest oil traders where the market is headed as prices hover near a 15-month low, and you’ll hear almost universal agreement: The stage is set for a rally.
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