UBP: Still positive on oil despite strong OPEC supply and weakening demand

28 September 2016 | 1 minute read

UBP maintains its 6-month forecast of US$45-50 per barrel and is even more positive in the medium-term, despite a recent IEA release confirming a slowdown in global oil demand and an increase in global supplies. Brent crude settled at around US$40.5-51.3 per barrel in the third quarter which the bank attributes to ongoing uncertainties in macroeconomic conditions. In addition, OPEC supply…

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