for Oil market
SAFE's latest energy security fact pack shows how the oil market is rebalancing more slowly than any expected, with underwhelming demand and supply side reactions leaving prices volatile and stocks brimming.
The prospect of Iranian crude flooding an already oversupplied market helped to push oil prices below $30 per barrel in mid-January, but oil prices have further to fall.
The oil market is shrouded in bearish sentiment at the moment as prices continue to trend downward, with Nymex West Texas Intermediate (WTI) falling from around $61 per barrel in the middle of June to $48. Continued pressure to the downside appears likely—but not inevitable.