Quarterly Oil Market Update - Q3 2017: (OPEC's big decision)
Oil Market ReportIn its latest monthly oil report, OPEC has raised global oil demand forecasts for the third consecutive month, underlining the bullish tone towards oil prices in recent months. These revisions combined with geopolitical developments in Iraq helped push Brent oil prices up 6 percent quarter-on-quarter in Q3 2017, to an average of $52 per barrel (pb). More recently, rising expectations related to OPEC rolling over cuts in an upcoming meeting and regional geopolitical tensions have pushed Brent crude oil prices back above $60 pb. Prices are likely to remain elevated in the near term due to continued regional geopolitical tensions.
Quarterly Oil Market Update: (Volatility Returns to Oil Markets)
Oil Market ReportOil prices rose 10 percent quarter-on-quarter in Q1 2017, but volatility levels were up too, especially towards the end of the quarter. Although both OPEC and non-OPEC cuts are contributing to a reduction in global oil balances, global commercial oil inventories nevertheless remain high. Demand is expected to pick up in H2 2017.
