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


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

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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Description

This Oil Markets Insight report highlights the key issues surrounding this topic, and draws out the implications for those involved.

For participants, suppliers and advisors who want to look at the trends, risks and issues of this topic, this report gives you an expert point of view to help inform your decision making.

Wood Mackenzie gives you an informed, independent view on oil prices and the key drivers and trends impacting the oil market. Our highly experienced macro analysts and regional sector teams are based in the key oil producing and consuming regions they analyse, providing detailed field data and demand forecasts driven by country and industry forecasts.

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

In this report there are 3 tables or charts, including:

  • Our perspective on the near term factors affecting oil prices:
    • Year-on-Year Change in China Demand (million b/d, Q1/2011-Q4/2016)
    • US Rig Count
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