Oil prices surged on the back of this week’s report, which managed to successfully tear investors’ attention away from the upcoming OPEC+ meeting this weekend. In isolation, there was little to suggest this was a bullish report, given that total crude stocks rose. However, the big picture is that US oil demand remains fairly strong, which is one reason why we don’t think that OPEC+ needs to commit to further output cuts at its next meeting.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services