OIL PRICES

摘要

Prices for Brent crude jumped following the Iranian drone attack on Saudi oil-processing facilities at Abqaiq on September 14. The spot price soared to US$68.42 per barrel on September 16 before hovering around US$65 the following week. However, since then, prices have fallen to US$57.92 on October 2, and on October 14, the spot rate stood at US$58.81, despite an explosion on an Iranian oil tanker. One reason for downward pressure on oil prices has been the global GDP outlook worsening amongst the world's major oil importers. The trade and currency wars between the US and China have had a particular impact on sentiment. As a result, the International Energy Agency (I EA) now expects Brent to drop to $57 per barrel by Q2 2020, following a rise of global oil inventories in the first half of 2020.