ING: Supply-Side Risks Stay Elevated Even as Oil Prices Pull Back
Despite the recent decline in crude oil prices due to lower-than-feared disruption of Saudi exports, supply-side risks remain elevated, and not only in the Middle East, analysts at ING Bank also said on Tuesday. Oil prices dropped on Friday and Monday, with Brent Crude falling to $100 per barrel fro
Source: OilPrice.com
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DW NOTE
ING warns of supply risks while Brent trades at $99 and WTI at $91 — down 8% and 14% respectively in a week — despite the Strait of Hormuz being effectively shut since February. Markets have priced in neither the 5.7 million b/d global supply loss the IEA expects nor the possibility that Iran reopens the strait tomorrow and crashes the price another $30.