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Market Update: Oil & Gas - August 2016

Blog Post created by epratt on Aug 25, 2016

Oil Rally: Sustainable or Speculation Driven?

 

Oil prices have risen in the past weeks, with ICE Brent prices topping US$50/bbl briefly. Despite supply and demand fundamentals remaining similar to last month (when oil prices waned), oil prices seem to have rallied due to political factors. Speculation that the oil cartel OPEC will come to a uniform decision to freeze productivity levels has been rife. Due to the complexity and various national interests involved, a cautious approach must be adopted as to the likelihood over such a freeze, particularly since such promises have come and gone previously in the year.


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