Daily Market Report (12 June 2019)
- Oil prices continue to be volatile impacted by both the demand and supply. D
- Despite the move to reduce supply, crude oil price remain off their peak as the ongoing US/China trade spat has had affected demand to decline amid an expected slowing global economy.
- As a result, Brent has dropped to US$61.50 a barrel from US$72.50 in mid-May with the WTI easing to US$52.50 from US$63.00 over the same period. There remain a lot of uncertainties thus we anticipate crude price to be volatile over the immediate term.