As oil prices continue to plunge, with the latest selloff triggered by a surprise crude build and another release from the Strategic Petroleum Reserve, commodity analysts at Standard Chartered say the oil market is not fundamentally broken but is rather merely responding to a surplus. In its latest commodities market update on Thursday, StanChart says that the global oil market is currently in excess supply, with the U.
S. transferring an average 0.83 million barrels per day (mb/d) into commercial inventories in the third quarter. StanChart…The Oil Market Isn’t Broken, It’s Just Responding To A Supply Surplus
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