Investors turn their focus to demand trends and global economy impacts as crude oil futures surge over 6% in Asian markets
— Oil prices posted gains in Asian trade on Tuesday after Opec+ plans to cut more production jolted markets the previous day, with investors’ attention shifting to demand trends and the impact of higher prices on the global economy.
The latest pledges bring the total volume of cuts by Opec+ to 3.66-million bpd including a 2-million barrel cut last October, according to Reuters calculations — equal to about 3.7% of global demand. The Opec+ production curbs led most analysts to raise their Brent oil price forecasts to about $100 a barrel by year-end. Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of this year, and to $100 for 2024.
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