Oil is set to go lower after gaining 28% in the third quarter, according to Citi's commodity analysts.
(Bloomberg) -- Ministers and oil industry chiefs are gathering for the biggest energy conference in the Middle East as crude heads toward $100 a barrel. Whether prices can hold at these levels and the outlook for OPEC+ supply cuts are among topics that will be discussed from Monday.Most Read from BloombergWhy a US Recession Is Still Likely — and Coming SoonAirbnb Is Fundamentally Broken, Its CEO Says. He Plans to Fix It.Severe Crash Is Coming for US Office Properties, Investors SayOnce Unthinkab
World markets struggled to put a testing third quarter behind them on Monday, with stocks and the euro ticking lower, bonds still on edge and a last-minute deal to avert a U.S. government shutdown barely lifting Wall Street futures. MSCI's 47-country world index was also lower, having lost 7% since July amid a sharp rise in oil prices and global borrowing costs. It, like many of the major global currencies, had fallen over 3% in the third quarter, unable to fend off irresistible U.S. dollar strength built on ongoing Federal Reserve interest rate rises.