September was a relatively quiet month, at least for oil prices, as calm returned to Chinese equities. What’s more, oil has actually started to recover in early October as China fears subside further and the focus shifts to the supply cuts in response to the previous sharp falls in prices. (This recovery is consistent with our forecasts for Brent of $55 at end-15 and $60 at end-16.) On the other hand, coal prices have taken another hammering due to concerns about demand.
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