Amidst the declining economic growth and OPEC+’s supply cuts, oil industry braces for possible economic headwinds.
The recent streak of oil market dips has been due to a faltering global demand for oil as a result of the trade war and oversupply concerns.
The Recession Fears
Oil prices weakened on Thursday as worries about the global economy weighed and equity markets were under pressure as uncertainty over the outlook for U.S. interest rate cuts left investors on edge. – cnbc.com
Adding to the Oversupply Concerns.
The US will sell another 10 million barrels of sour crude oil, the Department of Energy said on Wednesday in a Notice of Sale, according to S&P Global Platts. – oilprice.com