Oil market set enjoy a period of respite – Commerzbank

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After dipping below $90, the price of a barrel of Brent has recovered to $95 again. If neither the Fed nor China’s government resort to unexpectedly tough measures, the oil market is set to take a breather, strategists at Commerzbank report.

“The price is likely to remain at $95 in the short-term, which will presumably deter OPEC+ from cutting production.”

“Lower prices can probably only be expected if the Fed hikes interest rates even more sharply or renewed anti-covid measures are put in place in China, which would cool demand in one of the two key markets.”

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