China Brent: Global Trade Tensions Toppling Prices

摘要

We have made a major downward revision to our Brent price forecast. We now expect prices to average USD67.0/bbl in 2019, falling to USD65.0/bbl in 2020 and USD61.0/bbl in 2021. Global trade tensions are inficting signifcant pain on oil prices, undercutting both market sentiment and physical demand for oil. The market has become extremely sensitive to bearish price drivers and relatively insensitive to bullish ones and this dynamic seems likely to last, set against a backdrop of persistent global trade tensions.