Citi's global head of commodity research sees oil in a $70 – $90 range (floor – ceiling)

<p>Bloomberg (gated) reporting on an interview it had with Ed Morse, global head of commodity research at Citigroup:</p><ul><li>Oil is unlikely to fall below $70 a barrel, but it would take a “wild card” event to push prices above $90<ul><li>OPEC+ doesn’t want oil prices to fall below $70 and has shown that it will slash production in order to keep prices afloat</li><li>US’ commitment to refilling its Strategic Petroleum Reserve with prices around $70 a barre</li></ul></li><li>

Oil is unlikely to rise above $90 a barrel with supply tightness factored in<ul><li>Morse notes that extreme weather events, including hurricanes, could change the outlook.</li></ul></li><li> Additionally, the obstacles to invest in fossil fuels and reduction in demand are leading to more market volatility.
</li><li>oil market will move between supply shortages and oversupply<ul><li>But “oversupply won’t be big enough to get us down to $20, or let alone negative prices, and the undersupply won’t be big enough to get us over $100, but it will mean volatility in the market.” </li></ul></li></ul><p>—</p><p>Earlier on oil:</p><ul><li><a href="https://www.forexlive.com/news/private-oil-survey-data-shows-smaller-headline-crude-draw-than-was-expected-20230718/" target="_blank" rel="follow" data-article-link="true">Private oil survey data shows smaller headline crude draw than was expected</a></li></ul><p>Update:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.