ANZ's outlook for price is fairly neutral out a week and month.

Citing:

  • We see macro factors continue to override the fundamentals. Further, the latest OPEC's August production has seen marginal increase; this aided the weaker market sentiments. That said, Saudi Arabia has still reduced its production more than promised.
  • We expect the OPEC to cut supply further, and involuntary supply losses in Iran and Venezuela will keep the market tight in the coming months.

Further out:

  • Prices are likely to move towards USD65/bbl