Self explanatory chart: Oil falls into a bear market, after traders price out OPEC cuts and price in a China slowdown in 2024. Chinese oil consumption could fall 40%. Last price support at $69. WOuld still be unwise to price out a wider Middle Eastern conflict ala Gaza war. OIl is bid at $71

December 11, 2023

Self explanatory chart: Oil falls into a bear market, after traders price out OPEC cuts and price in a China slowdown in 2024. Chinese oil consumption could fall 40%. Last price support at $69. WOuld still be unwise to price out a wider Middle Eastern conflict ala Gaza war. OIl is bid at $71

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Chinese oil inventories via OilChem: en.oilchem.net

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