I get the daily New York Times Dealbook email. Nothing that I would usually post here, but today there was a short piece about oil prices turning due to slowing demand. This is after big production cuts intended to drive the price above $100 a barrel. Oddly I went to the web site version of the mailer to find a link to the story and there was none. It’s short so I will just have to cut and paste it here.

An abrupt turnaround in oil prices has quieted a chorus of predictions that crude would soon top $100 a barrel. The apparent culprit: slowing global demand. Brent crude, the global benchmark, is trading at around $84 a barrel this morning, and is on pace for its worst weekly decline since March, Deutsche Bank analysts wrote in an investor note this morning. Brent is down roughly 13 percent since surpassing $96 a barrel on Sept. 27.

New York Times Dealbook October 6, 2023