ING: Growing risk OPEC+ may abandon its output cuts.

Such a move could lead to even greater downside risks to oil prices.

ING: The Commodities Feed: Brent below $70/bbl

Oil prices sold off heavily yesterday with sentiment still clearly bearish.Weaker prices also increase the risk of higher OPEC+ supplies

Energy – Brent below $70

Oil prices continued to weaken yesterday. ICE Brent fell 3.69%, settling at just over $69/bbl. This marks the first time Brent has closed below $70/bbl since late 2021. Technical indicators suggest the market is entering oversold territory, yet sentiment remains bearish. Chinese trade data from the previous day showed a 7% year-on-year (YoY) fall in crude oil imports to 11.61 million barrels per day (b/d), with cumulative imports down 3.1% YoY so far in 2024.