Oil up 2% and pushing the high

2024-10-07

Oil up 2% and pushing the high $70s

We are entering the worst week of October, especially during an election year.

Middle East tensions not slowing down which is likely the reason for the oil pump today.

Oil going up isn’t good for inflation or the broader economy.

CPI this week should be strong but probably won’t increase the upcoming cut to anything more than 25bps given the strong jobs report last week.

Volatility this week seems likely.

Iran-Israel Tensions: Will Oil Rebound or Hit New Low?

The sharp drop in oil prices has also led major Wall Street banks to lower their target prices. Goldman Sachs predicted an average oil price of $76 per barrel in 2025. The bank’s analysts noted that geopolitical risk premiums are limited, with no significant impact currently on Iran's supply facilities. Citigroup also adjusted its Brent crude oil price forecast for Q4, lowering it from the previous $74 per barrel to $70 per barrel. ----------------- Will oil hit new low? Or time to rebound?

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