When will the demand return?
WTI crude oil hit a new cycle high today wit WTI touching $85.41 but has since pulled back to unchanged on the day at $83.75.
Fundamentals haven't been a big driver today but Russia's oil minister said he wants OPEC+ to stick to its deal to raise output by 400k/bpd at the November meeting. That's likely already baked in after the October meeting was quiet, quick and not contentious.
The demand side is the key variable in the equation at the moment with OPEC trying to navigate when demand will normalize and whether it will start to trend upward again.
