The downward pressure followed hawkish remarks from U.S. Federal Reserve Chair Jerome Powell, who basically dumped ice water on the thought of peak Fed. Though market sentiment remains bearish, WTI and Brent crude prices have rebounded from their 16-week lows. The modest recovery comes amid ongoing concerns about waning demand in the United States and China. There has been a steady buy-dip all week long in Asia, possibly on local expectations of some degree of intervention from OPEC.
Still, with reports of Russia increasing exports, keeping all actors in line could be a challenge. Solving worries regarding a constrained global oil supply-demand situation for the fourth quarter exerted downward pressure on prices. According to the Energy Information Administration's monthly Short-term Energy Outlook released on Tuesday, world oil production in the fourth quarter is projected to reach 102.
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