Crude oil (CL=F) dipped below $70 per barrel on Wednesday, weighed down by demand concerns. Tortoise Senior Portfolio Manager Rob Thummel believes negative demand sentiment is fueling oil prices to the downside. He expects prices to stay lower as shifts in the energy market finish playing out. Thummel outlines how evidence of declining global inventories due to OPEC+ production cuts and demand recovery will be needed to shift sentiment — all factors requiring time. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Russian President Vladimir Putin travels to the Middle East this week, visiting the UAE and Saudi Arabia to discuss oil, trade, and geopolitical issues. The trip comes as Russia aims to strengthen ties with the oil-rich nations at a time of conflict in Ukraine and tensions with the West. Yahoo Finance's Senior Business Reporter Ines Ferre analyzes the implications of Putin's visit against the backdrop of volatile energy markets, while also providing insights into the current oil and energy price outlooks. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
A heavy weight is leaning on global oil markets as prices slide to five-month lows: record US supply. American crude oil production reached a fresh all-time high of 13.2mn barrels a day in September, according to figures released last week, more than any other country and accounting for about one in eight barrels of global output. The new supplies are also creating discomfort for the Biden administration, as US officials join a push to phase out fossil fuels at the UN climate talks in Dubai.