Standard Chartered has been plotting the path of the oil price rally in what it terms as an “incorrect market reaction to the 2 June OPEC+ meeting”, telling investors in a note on Wednesday that the rally has “significantly further to run”. Since reaching a low point after June 2, Brent crude has rallied by over $9 per barrel, and analysts at Standard Chartered now believe that “with the Q3 supply deficit only partially mitigated by the start of OPEC+ production increases in Q4, we could be looking at a supply deficit…
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