Energy markets trying to price in myriad and ever-changing factors, from supply to demand...
Persistent demand and tight supplies are keeping oil prices high. But the bottom could fall out if forecasts of a recession come to pass.Tight supplies. Persistent demand. High inflation. Rising risks of a recession.
Last week, the Organization of the Petroleum Exporting Countries and its allies — group known as OPEC+ — to stick to a plan of increasing output by 648,000 barrels per day come August, mirroring a previous decision. By all accounts, U.S. demand remains solid. The auto club AAA expected nearly 48 million Americans, up nearly 4 percent from 2021, to travel at least 50 miles from home over the long Fourth of July weekend, despite gasoline prices flirting with record highs.
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