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Oil prices decline on the Greek crisis and China stock market rout – where next?

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Report summary

Oil prices fell on 6 July in reaction to several factors. The trigger was the Greek vote on Sunday 5 July, with the Greek people voting against further austerity.  Oil prices in Asia began falling Sunday PM after the Greek vote and continued doing so Monday. In the 2 July 2015 Macro Oils Monthly Update, we forecast Brent would average $60 per barrel in July, a moderate decline from June. The forecast is dependent, however, on the recovery we have seen in oil demand growth so far in 2015. 

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    Oil prices decline on the Greek crisis and China stock market rout – where next?

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  • Our perspective on the near term factors affecting oil prices:

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  • Year-on-Year Change in China Demand (million b/d, Q1/2011-Q4/2016)
  • US Rig Count

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