Oil Oversupply Still Apparent — Market Talk

0916 GMT The most recent dip in oil prices prove that the world is still awash with oil, says Norbert Ruecker from the Swiss-based bank Julius Baer. In a note, the commodities analyst says the market is still nervous about oversupply and the recent outages in Canada and Nigeria have masked concerns. The resilience of U.S. stock levels and increasing Middle East supply proves that market equilibrium is going to take longer than many have forecast. Mr. Ruecker takes a cautious view of the oil price, believing it will sink to $45 a barrel. September Brent trades 0.4% higher at $46.60/bbl. (kevin.baxter[a]wsj.com)

 
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