Inventories of crude oil jumped last week due to a surge in net imports, despite record demand from refineries. Even though consumption is strong at the minute, we expect a slowdown in US economic growth to weigh on demand in 2019 and 2020. Combined with rapid supply growth, this should put further downward pressure on oil prices.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.