Oil at $60 Priced In No Demand Growth This Year, Gunvor Says
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Oil’s slump below $60 a barrel during the worst of last week’s rout had priced in zero demand growth this year, and was probably an overreaction, according to the head of research at trader Gunvor Group.
Brent futures fell as low as $58.40 on Wednesday — almost $25 below their 2025 high — as the escalating trade war between the US and China sapped confidence across global markets. The slide was compounded by a surprisingly large output increase by the Organization of the Petroleum Exporting Countries and its allies.