StanChart Eyes “Strong Q3 Fundamentals” for Oil Price Rally

Standard Chartered has been plotting the path of the oil price rally in what it terms as an “incorrect market reaction to the 2 June OPEC+ meeting”, telling investors in a note on Wednesday that the rally has “significantly further to run”. Since reaching a low point after June 2, Brent crude has rallied by over $9 per barrel, and analysts at Standard Chartered now believe that “with the Q3 supply deficit only partially mitigated by the start of OPEC+ production increases in Q4, we could be looking at a supply deficit…