FXStreet (Delhi) – Research Team at Lloyds Bank, suggests that global growth anxieties have underpinned further declines in crude oil prices with Brent dipping below $30/bbl for the first time since 2004.
Key Quotes
“This, along with the prospect of increased Iranian supply over the next few months adding further downward price pressure, has prompted speculation that OPEC could formally meet before its scheduled early June gathering to discuss supply reductions.
However, for now this seems to have been rejected by several Gulf members, including Saudi Arabia. In the meantime, the monthly oil market assessments from OPEC (Mon) and IEA (Tue) will be pored over for updates on demand/ supply imbalances.”
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