Oil Has Wind in Sails But Storm Clouds Loom

摘要

The start of the second half of 2019 has seen short-term factors pushing oil prices higher, but forecasts and analysts signal that prices could be under pressure in the near future from rising oil supply and worries that demand might slump. Actual disruptions to supply from storms in the US and the risk of disruptions from skirmishes around oil tankers in the Strait of Hormuz helped underpin the oil price in the first two weeks of July, with drastically falling US inventories lending further support (OD Jul.11’19).