Oil Slides in the Absence of Israeli Retaliation Attack

Geopolitical risk premiums have gradually evaporated from oil prices as ICE Brent futures slid back to $73 per barrel, a level last seen in the first days of October. Whilst the wait for an Israeli retaliation vis-à-vis Iran is still ongoing, the slowdown of China’s economic growth to 4.6% in the third quarter of 2024 and the fifth consecutive month-over-month decline in Chinese refinery runs have alerted investors to the downside of Chinese demand, sapping the bullish sentiment again.  Friday, October 18th, 2024IEA Expects…