) prices are rebounding in Wednesday's trading session, ending a three-day slide. The Morning Brief welcomes on Rystad Energy global market analysis director and head of oil macro Claudio Galimberti to discuss the oil market dynamics at play.."This is the major factor for this week that everybody is looking at," he says, also mentioning how Canadian wildfires may be contributing to price phenomena. He emphasizes that"the markets are still tight.
Uh, I think that there are in another couple of factors, uh, the most important of which is in Canada So fires in Canada are approaching a producing area, uh, similar to what we saw last year.And, uh, that is also, uh, currently affecting the prices.The fact that, uh, the the fires are raging and, uh, also the expectation that in the United States will have, uh, uh, probably another crude stock drop.So then what is that more, I guess ultimately tell us about where the price is headed.
Uh, we have seen this range bound for the past couple of months at least, uh, apart from when, uh uh, immediately after the OPEC announcement two months ago, the, uh, we we dropped below $80 per barrel.Uh, the first is that I wouldn't bet, uh, brand below a TCP.Uh, the voluntary cuts, Uh, and they made a pretty stern announcement back.
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