We do not expect recent price falls to persist, in light of the oil market’s firming fundamentals: We expect global oil demand to hit a record high in August. Oil inventories are declining, tightening the market. OPEC+ production is near a two-year low and supply looks set to stay tight.

So, we still see scope for global Oil prices to rally. We now expect Brent to hit $95/bbl and the US WTI benchmark to rise to $91/bbl by end-December.