Oil Price Rally Meets Resistance Despite Bullish Catalysts

Despite plenty of bullish catalysts, oil prices are meeting resistance every time they break above $95, with traders nervous that Saudi Arabia may unwind its production cuts earlier than expected.Friday, September 29th, 2023The expiry of November ICE Brent futures has seen backwardation between the expiring month and the December contract shoot up to a whopping $2 per barrel. At the same time, despite some very bullish news this week, ranging from wafer-thin Cushing stocks to an improving macro outlook in China, oil prices have been rangebound…