That's the view from RBC on the oil price drop.

Global head of commodity strategy at RBC Capital Markets spoke with CNBC on Thursday:

  • “I think OPEC is a different OPEC than in 2015. ... I would anticipate, if we continue to see selling pressure over the next few days, if this looks like it is going to be a sharp sell-off potentially plunging into the 70s, I think we’ll at least start to hear very clear statements from OPEC about potentially coming back in,”
  • “I think that this market remains stronger than this selling action would have us believe at the moment”

Brent update:

brent chart 06 October 2023