Oil Off Its Highs But Risks Return

2026-07-09 09:18:00 ET

By Warren Patterson , Head of Commodities Strategy

Oil supply recovery clashes with weak Chinese buying

The oil market came under significant pressure following the Memorandum of Understanding between the US and Iran on 17 June. The deal allowed oil flows to recover at a much quicker pace than expected, which led to a weakening in the physical oil market. The return of Persian Gulf supply coincided with the continued release of oil from strategic reserves, along with demand recovering at a relatively slower pace than supply....

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