SINGAPORE (Reuters) – Oil executives and merchants attending main trade gatherings in Singapore and Abu Dhabi this week have flagged deteriorating demand development in key markets similar to China and India for the rise of downbeat expectations for crude oil heading into 2020.
A raft of disappointing information releases throughout key economies, together with traditionally weak automobile gross sales in China and India and a contraction in China’s manufacturing unit exercise, have helped to gas the gloomy tone.
Benchmark crude oil costs <LCOc1> have shed about $10 a barrel since April to only underneath $63 as the worldwide financial malaise has set in. On Tuesday, the U.S. Vitality Info Administration (EIA) forecast that Brent would common $60 a barrel within the fourth quarter.
“The flat value had the very best it’s going have this 12 months. We’re bearish till year-end,” mentioned Ben Luckock, co-head of oil at buying and selling home Trafigura on the Asia Pacific Petroleum Convention in Singapore this week.
(Graphic: Automotive gross sales throughout key Asian economies hyperlink:…