Oil Prices Slide Amid Growing Concerns Over China's Economy and US Shale Output

Analyst Bob McNally predicts that oil prices are heading well into the $90 per barrel range, with $100 per barrel being "entirely possible." McNally believes that despite doubts and skepticism, OPEC+ will continue to tighten production, creating a significant deficit in the market. The Saudi Arabia is unlikely to reverse production cuts at $90 or $92 oil, as they want to ensure that the deficits they are creating are materializing. The downside risks for oil prices remain limited as long as OPEC+ maintains current production levels, especially considering the surge in oil demand.