Standard Chartered analysts are now forecasting a reduction in global oil demand of over 400,000 bpd year-over-year in the fourth quarter amid increasingly bearish fundamentals. China is not likely to “turbo-charge” oil demand growth, according to Standard Chartered. “Oil prices have strengthened recently, partly on hopes that China will reopen its economy and cause a rapid turnaround in oil demand growth. We think positivity may be premature given the likely slow pace of reopening and the potential for further demand…
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