Brent has lost 3.73% in the last week to trade at $67.85pb, owing to the pessimistic outlook of the IEA and rising US crude stockpiles (2.4 million barrel last week). There are also concerns that Europe’s energy demand recovery may stall. We are expecting oil price to trade lower in the weeks ahead between $65pb-$70pb, as we await the outcome of OPEC’s meeting on April 1 to determine its production levels for May.
We have also seen a tapering of domestic commodity prices in response to improved output and fewer disruptions of the supply chain.
The download and link gives a snapshot of the discussion in the commodities segment of the Business Morning Programme on Channels TV.
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