With near-term prospects for an Opecon-Opec output freeze having been dashed in Doha, and US banks working through the first of the twice-yearly revisions of lending criteria that could seal the fate of some shale producers, the path of oil markets over the remainder of 2016 will depend on real and perceived changes in supply/demand balances. The recent relative stability in benchmark crude prices above $40 per barrel has encouraged the bulls to call a definitive end to the 2014-16 price collapse.
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