WTI crude touched a one-month low today as traders continue to show themselves concerned about the demand outlook in China, but fundamentals in oil markets remain strong
China's worsening property crisis has raised serious concerns about the health of the economy in the world's biggest oil importer.
Saudi Arabia is likely to extend its voluntary 1 million-barrel oil supply cut for the third consecutive month into October amid uncertainty about supplies.The seven-week old oil price rally triggered by tightening oil markets has suddenly hit the skids after weak economic data coming from China weighed on market sentiment.
Global oil supplies have become increasingly tight since late June as Saudi Arabia and Russia cut production. Indeed, the Commodity analysts at Standard Chartered have buttressed the bullish oil price outlook saying their projections also imply large inventory draws peaking at 2.9 mb/d in August.However, their timing for when demand will hit a new high is a couple of months later than the IEA’s. StanChart estimates that June demand was about 0.5 mb/d below August 2019’s all-time high, but expects the record will be exceeded in the current month.
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