News Snapshot:
RBC forecasts US and Brent prices averaging $US86.50 a barrel and $US91.00 a barrel in the final quarter of this year. At 3.11pm in New York, US oil was trading at $US87.01; Brent was at $US90.06. While demand is tracking “markedly higher than many anticipated” given previous concerns of a looming recession, Mr Tran also said “this market is already priced for perfection, and that acute upside catalysts are not entirely visible at the moment”. Mr Tran specifically pointed to China’s demand for fuel and that “physical tightness could be turbocharged if [Chinese] imports ramp further in the coming months”....
