Having typically closed over $50/barrel in first-half April, the physical crude benchmark Dated Brent dipped back below in the second, buffeted by contradictory news on the timing of economic recovery and growing inventory levels. Sentiment was soured by the International Energy Agency's revision to its expectation for the contraction in oil demand over the course of 2009, which it boosted by 1.1 million b/d to 2.4 million b/d in its April oil report. This was based on information from the OECD that global economic growth is likely to slump 1.4%, a figure later confirmed by an IMF estimate of 1.3%.rnDespite some talking up of the economy and jumps and starts in equities, as well as some support from a weaker dollar, the message on oil appears to be that any recovery has been deferred until 2010 at best.
展开▼
