Commodities Overview

Commodities Weekly Wrap

15 February, 2019

Oil’s rally to eventually lose steam

After rising strongly this week, the price of oil is likely to remain supported in the short term by clear signs of lower supply from OPEC (mainly Saudi Arabia) and the loss of Iranian and Venezuelan barrels. However, we think that slower growth in demand this year, as the global economy softens, will result in renewed downward pressure on prices. We forecast that the price of Brent will fall to $50 per barrel by end-2019, down from over $65 today.

Meanwhile, US-China trade talks are set to resume

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