Even though OPEC+ nations delayed their production cuts scheduled to begin in October, global demand for oil weakened considerably, leading to a decline in oil prices.
The benchmark Brent crude price fell below $73 per barrel, while the popular U.S. West Texas Intermediate (WTI) price dipped below $70 a barrel, driven by weaker demand from China.
Despite the current downturn, the long-term growth outlook for oil and natural gas remains high, with analysts suggesting significant investment opportunities in the sector.
Goldman Sachs predicts that peak oil demand is still decades away, indicating that any short-term weakness in oil stock prices presents a potential buying opportunity.
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