Commodities Overview

Commodities Weekly Wrap

9 November, 2018

Bear market in oil to persist in 2019

The price of oil (Brent) has dropped by around a fifth from its October peak and we expect it to continue to fall to $60 per barrel by end-2019. Supporting this view is our forecast that the oil market will be in a small surplus next year, an assessment that may well be shared at this weekend’s meeting of the JMMC (Joint OPEC-Non-OPEC Ministerial Monitoring Committee) and in OPEC’s next monthly report, to be released on Tuesday.

Elsewhere, China’s November data for industrial productio

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