Oil glut is set to come onshore; precious metals still rallying
The rapid build-up in oil stocks on water suggests that the full impact of previous OPEC+ output increases is yet to be felt and an oil glut may materialise in the coming months. Given that OPEC+ will probably raise output even further over the next year, we are comfortable with our view that Brent crude prices will fall to a below-consensus $50pb by end-2026.
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