Macro oils short-term outlook: August 2017 oil price forecast
Over the past four weeks Brent has traded between $46 and $52/ bbl, with recent support driven by strong US crude stock draws and positive signals from the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) meeting in St. Petersburg. US commercial crude stocks are lower than they were this time last year following a 45 million barrel draw down over the past three months; while the JMMC meeting focused on improving adherence and targeting exports from key producers. As expected, the market is finally starting to rebalance. But for how long?