WTI crude oil price rebounds above 76 after falling to as low as 75.33 while Brent crude recovers to 75.8 after sliding to 75.25 earlier in the day. WTI crude oil price has returned to premium over Brent crude since last week Cushing stock drew. We expect the spread to widen further after today’s inventory report which should show another week of storage decline. In the medium-term, moderation in economic growth in China and slowdown in global economic recovery as driven by fiscal consolidation measures worldwide may threaten oil demand, hence oil prices.
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Market Stabilizes after Sharp Falls, Near-term Outlook Remains Fragile
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