Lower oil prices will persist into 2024: Portfolio Manager

Crude oil (CL=F) dipped below $70 per barrel on Wednesday, weighed down by demand concerns. Tortoise Senior Portfolio Manager Rob Thummel believes negative demand sentiment is fueling oil prices to the downside. He expects prices to stay lower as shifts in the energy market finish playing out.

Thummel outlines how evidence of declining global inventories due to OPEC+ production cuts and demand recovery will be needed to shift sentiment — all factors requiring time.

Source: https://finance.yahoo.com/video/lower-oil-prices-persist-2024-220919957.html