Live news: Oil rises above $95 as output cuts and China economy boost demand

Introduction

Oil prices have surged above $95 per barrel due to output cuts and a boost in demand from the Chinese economy. This rise in oil prices has significant implications for the global market.

Oil at $90 a barrel looks ‘unsustainable,’ says Citi analyst

• Citi analyst warns that oil prices at $90 per barrel are not sustainable in the long term.
• There are concerns that the current high oil prices may lead to economic instability.
• The analyst suggests that the market needs to focus on finding a balance between supply and demand.

Brent Oil Climbs as Market Focuses on Supply Over Demand

• Brent oil prices have seen an increase as the market shifts its focus towards supply rather than demand.
• This shift in focus indicates a potential tightening of the market.
• Investors are closely monitoring the supply and demand dynamics to gauge future price movements.

Oil Prices Extend Gains As Market Tightens

• Oil prices continue to gain momentum as the market tightens.
• Increased demand and reduced supply contribute to the upward movement of oil prices.
• Investors are optimistic about the future prospects of the oil market.

Citi says oil could briefly touch $100/bbl, but even $90 is not sustainable

• Citi suggests that oil prices could briefly reach $100 per barrel.
• However, the analyst emphasizes that even $90 per barrel is not sustainable in the long run.
• The market needs to find a balance to ensure stability and avoid potential economic risks.

Conclusion

The recent surge in oil prices has brought both opportunities and challenges to the global market. While the rise in prices indicates a boost in demand and a tightening of the market, there are concerns about the sustainability of these high prices. It is crucial for market players to carefully monitor the supply and demand dynamics and find a balance that ensures stability and long-term growth.

Source: Full Coverage on Google News