Commerzbank: the oil markets will be noticeably undersupplied again when production in Saudi Arabia as well as a number of other OPEC countries is scaled back starting in May.
Growing fears of disappointing demand keep oil prices down.After weeks of rising, oil prices appear to have lost upwards momentum after the 2 April announcement of voluntary output cuts failed to counter worries about demand linked to a weakening economic backdrop and a hawkish Federal Reserve. Growing fears of a recession due to rising interest rates as well as the risk that Chinese demand could fall short of expectations in the coming months remain a serious overhang on oil prices.
Russia's Deputy Prime Minister Alexander Novak announced that Russia would cut production by 500,000 bpd in March, and again in early April promised to extend the cuts until the end of the year.market out of its malaise. Standard Chartered’s proprietary U.S. oil data bull-bear index remained neutral, falling 0.9 w/w to -1.7.
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