Oil - overriding short term factor are developments on likelihood on phase 1 US-China trade deal

A snippet from ANZ's latest look at commodities, this on oil.

• Fading optimism over Phase One of the US-China trade deal is the overriding factor, in the short-term.
• Further, rising US oil inventories will be a drag for the oil market, especially for WTI.
• OPEC's decision on deeper cuts holds the key for price recovery towards the end of this year. Should the cartel extend the production curbs with deeper cuts beyond March 2020, this will ease the supply overhang in the first half of 2020 from the current market estimates.

I added my bit on the headline - sentiment is swinging between fading optimism and hopium .