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Oil prices have been rising for 4 days straight because the soft US dollar offsets fears about global demand. Besides, the talks on Iran's nuclear deal have been in a gridlock.
West Texas Intermediate futures climbed above $88 a barrel during a volatile session that follows a three-day increase of almost 7%. If the US benchmark grade closes in the green, it will be the longest winning streak since mid-May.
US State Secretary Antony Blinken indicated a small likelihood that the US and Iran would strike a new nuclear deal in the near time. This statement echoes recent remarks by France, Germany, and the UK. The uncertainty in the successful outcome pushes back any notable increase in supplies of Iranian oil to the global market in the short term.
Earlier this month, crude oil tumbled to the lowest levels since January because investors ate stoking fears about global energy consumption, including the top oil importer China where the authorities are forging ahead with tough anti-COVID restrictions. Besides, the EU is planning to scale back electricity consumption amid the energy crisis. Nevertheless, the US dollar has weakened after its index reached the strongest level in more than 20 years last week. This pushed down prices of commodities for foreign buyers ahead of the crucial US inflation data which is due tonight.
Meanwhile, major banks have downgraded their forecasts of oil prices at the end of 2022. Morgan Stanley has cut its forecast of Brent prices for this quarter and the final quarter. UBS Group AG has also revised its outlook. According to Morgan Stanley's Global Oil Strategist Martijn Rats, he doesn't expect a steady oil rally in the near future. A slowdown in all key economic sectors indicates waning demand for oil for a while. This trend is detected in the data on oil consumption. China is the main culprit.
Crude oil investors will get to know the important information on the short-term prospects of the oil market later on Tuesday when OPEC will unveil its monthly analysis. Major oil exporters, including Russia, announced minor cuts in their global oil supplies agreed upon last week.
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