A strong U.S. dollar, profit-taking, inflationary concerns that could dent demand and forecasts that suggest increasing supply all are on slamming il prices today. Profit-taking was expected after oil hit 10-month highs in Q3, gaining almost 30%.
“The global outlook is quickly taking a turn for the worse and that is both driving the king dollar trade again and weighing on the crude demand outlook,” Reuters cited Edward Moya, senior market analyst at data and analytics firm OANDA, as saying. Also weighting on oil prices today was the World Bank forecast for slower Chinese growth, which could crimp demand for oil. The World Bank on Monday forecast China’s growth at 5.1% for 2023, up from 3% in 2022 but still representing a slowing growth pace since April. NN: The biggest factor is everybody went longs. And the candle sticks dumb shits got them stuck up their asses.