Industry - Commodity Price Forecasts - Commodity Price Forecasts

Industry - Commodity Price Forecasts - Commodity Price Forecasts

Oil prices have seesawed over the past month as fears of tight supply gave way to signs of weak demand. Saudi and Russia will maintain unilateral production cuts to the end of this year. Yet, fears of weakening demand in the US and China underpinned a sharp sell-off last week with Brent falling by $10 and reversing the September bull run. We expect tight supply to keep driving market direction, and forecast prices to increase over Q4. Risks are skewed to the upside with potential for a new push on Iranian crude exports sanctions following the Israel-Gaza conflict.