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Traders are also grappling with the looming risk of reduced supplies. The Organization of Petroleum Exporting Countries and its allies is set to meet next week, and is already discussing plans for an output cut. Analysts from RBC Capital Markets to JPMorgan Chase & Co. have said the producer group could cut anywhere between 500,000 to 1 million barrels a day of supply.
“The risk to supply continues to be a supporting theme,” said Ole Hansen, head of commodities strategy at Saxo Bank, referring to possible OPEC+ cuts. “The market remains troubled by forces pulling in opposite directions.”
The economic recovery in China continues to be challenged by lockdowns in major cities as well as a property market downturn. Factory activity struggled in September, while services slowed, data released Friday show.
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Widely watched time spreads in US oil futures have been ticking higher. The close-watched spread between the nearest two December futures contracts was at its strongest level in a month, indicating traders are growing steadily more bullish on the market’s outlook.
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