Bullish Sentiment Is Fading In Oil Markets

Bullish sentiment is fading slightly in oil markets despite the production cuts from OPEC+ and global inventories being tapped.Friday, August 18, 2023While backwardation in oil markets has reached the widest level since April and inventories are declining globally, the upside for crude oil prices is no longer as evident as it was a couple of weeks ago. The Federal Reserve minutes, showing Fed members divided over the need for further rate hikes, cooled down expectations of a soft landing, and China’s ongoing macroeconomic woes resurfaced…