Rory Johnston: Brent crude struggles to hold above $90 per barrel

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7 hours ago

Rory Johnston: Brent crude struggles to hold above $90 per barrel — Brent crude struggles at $90 per barrel

Rory Johnston highlights that Brent crude is fighting to stay above $90 per barrel. The current price is just one dollar per barrel higher than the low reached in mid-April during the Iran War.

Johnston points to the narrow margin between current prices and recent lows for Brent crude.

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Johnston recently reported the largest weekly pullback in net speculative Brent crude positions during the war, suggesting a possible connection to price pressures (story). He also noted that Chinese refineries have reduced runs because of low margins, while consumer demand has stayed steady due to local price caps (more). Both developments have contributed to recent movements in the oil market.

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