Quotes from Standard Chartered:
-Oil markets have ignored any negative impact associated with China's below-trend growth, due to (1) the relative inelasticity of oil demand to GDP in the short term, (2) China accounting 'only' for about 11% of global oil demand and (3) supply issues overwhelming demand concerns.
-We believe anxiety over QE tapering will have little influence on average oil prices in the near term as fundamentals and geopolitics dominate, though QE tapering may introduce additional volatility to oil prices.
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