RBA revisions, rates and risks ahead
October 30, 2012
Oil Market Update – October 2012
Oil prices weaken in October but remain quite high. Attention now shifting towards the Asian economies, which have surprised markets on the downside in recent months. Near-term forecasts lifted on geo-political risk, 2013 forecasts left unchanged.
- Oil prices weaken in October but remain quite high; Brent held up due to geo-political risk and supply outages, WTI relatively weaker on larger-than expected build up in inventories.
- Attention now shifting towards the Asian economies, which have surprised markets on the downside in recent months and where demand projections have scope to be lowered in the coming months.
- Slowdown in Asia evident with IEA and OPEC revising down global growth forecasts through 2013, Chinese apparent demand continues to pull back through late 2012
- Near-term forecasts lifted on geo-political risk, 2013 forecasts left unchanged.
For further analysis download the full report.
- Oil Market Update – October 2012 (PDF 252KB)
