Asian demand a bright spot as positive catalysts support crude oil prices

WITH less than three months until year end, bolstered prospects of robust Asian demand for crude oil in 2023 on easing travel restrictions and fears of further supply cuts by OPEC+ are likely to temper the impact of stock builds and macroeconomic recessionary fears, keeping global oil market sentiment balanced.

OPEC+ agreed Oct 5 to cut production quotas by 2 million b/d for the next 14 months though the impact on the actual production is far less than the headline cut.