Watch: Why oil could be back to $45 later this year
What's the future for oil amidst the Covid-19 crisis? After WTI prices briefly went negative in April we've seen a big change in sentiment. Our Head of Commodity Strategy, Warren Patterson, looks at where we are, where we're headed next and why
The big change in oil sentiment
it's been an extraordinary time for oil markets. After we briefly saw negative prices for West Texas Intermediate in April, there's been a big change in sentiment; Brent crude has rallied more than 60% since its lows last month. We don't think we'll see negative prices again as the worst of the demand destruction, caused by Covid-19, is behind us. Also, production cuts are helping which is keeping oil at around $30/barrel. However, ING's Head of Commodity Strategy, Warren Patterson, is under no illusion that things will return to complete normality this year.
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22 May 2020
Covid-19: Where we are right now This bundle contains 8 articlesThis publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more