The Weekly Brief (12 October 2015)Contributor Global Markets Insights Strategy Team
This past week was a volatile one for oil. On Tuesday, WTI posted an impressive intraday gain of 5%, as did Brent Crude, closing above $50 for the first time in a month.
The low oil prices of this year have been attributed to forecasts of global production growing faster than consumption, but the most recent weekly US crude production report could change the story. The report, published on Tuesday, showed a fall in US September crude production. It is unclear whether this is a blip or an indication of a more meaningful supply contraction that could spoil oil’s range bound summer.
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