Standard Chartered has been plotting the path of the oil price rally in what it terms as an “incorrect market reaction to the 2 June OPEC meeting”, telling investors in a note on Wednesday that the rally has “significantly further to run”.
Standard Chartered is advising investors that the market has not yet priced in a continuation of inventory draws in the fourth-quarter of this year and the first quarter of next year, and sees the potential for $90 oil in early Q3. Also on Wednesday, Ole Hansen, head of commodity strategy for Saxo, said analysts noted that since the Q4 2022, the U.S.
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