HSBC lowered its oil forecasts. The bank expects the Brent crude to be $45 a barrel in 216, down from its previous estimate of $60 a barrel. HSBC noted that the reasons for the cut are higher exports from Iran, higher U.S. crude inventories, market turmoil in China, a stronger U.S. dollar and a rise in speculative pressure on the futures market.

"It will probably take until H2 2016 or even 2017 before it moves back fully into balance," HSBC analysts Gordon Gray, Christoffer Gundersen, Kim Fustier and Thomas Hillboldt said in a research note.