Energy sector: Rising demand lifting crude oil prices higher
Trading Catalyst
• Demand for crude oil is expected to improve over the foreseeable future, backed by the positive streak of China’s economic data that suggest the world’s biggest oil consumer may ramp up their purchases.
• Iraq’s move to pledge their support by cutting additional 40,000 barrels/day may provide some alleviation to the on-going demand-supply imbalance.
• The larger-than-expected drawdown in US inventory level coupled with the recent weakness in US Dollar against a basket of currencies will grant further upside over the near term.
• We reckon that Brent oil prices may sustain above US$40 per barrel owing to the improvement in macroeconomic conditions.
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