StanChart Finally Turns Bearish, Cuts Oil Price Forecast By $15/bbl ...Middle East

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StanChart Finally Turns Bearish, Cuts Oil Price Forecast By $15/bbl
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Last month, we reported that commodity analysts at Standard Chartered have been bucking the overwhelmingly bearish sentiment pervading Wall Street, maintaining a decidedly bullish outlook even as oil prices continue trending lower. StanChart has acknowledged that U.S. oil output has continued taking out all-time highs in the current year, with June production climbing by 133000 barrels per day to an all-time high of 13.58 million bpd. However, the analysts have been betting that U.S. producers will eventually be forced to curtail production due…

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