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Jakarta Post

Bearish demand outlook offsets geopolitical risks

  • Mriganka Jaipuriyar

    Head of news, Asia, S&P Global Platts

Singapore   /   Wed, October 23 2019   /  01:23 am

Economic uncertainty and a bearish oil demand outlook continue to offset heightened geopolitical risks and keep a lid on oil prices. S&P Global Platts Analytics, however, believes that prices are far from where fundamentals suggest, weighed down by bearish sentiment around the health of the global economy.“The crude market seems to have lost its risk premium and we think this may be premature,” it said in a recent report.Platts Analytics expects bigger upward price moves in the immediate months ahead, estimating a 5 million barrel per day (bpd) jump in crude demand in November and December as refineries return from outages. This is expected to result in large crude stock draws and rising prices at the end of the year.ICE Brent futures prices have fallen back below US$60 per barrel after rising to nearly $72 per barrel in the immediate aftermath of the mid-September attacks on key...