Oil prices will continue to climb higher, even if tensions in the Middle East subside, according to a research note issued by Capital Economics and reviewed by ValueWalk.
Fundamentals improving
According to Capital Economics’ report published on the October 12, the recovery in oil prices over the past few weeks is consistent with the more positive energy outlook story the group has been telling for some time. On the demand side, industrial commodities, in general, have benefited from an easing of concerns about China and the outlook for US interest rates. Oil prices have trended higher in line with copper prices; the latter has little to do with the situation in the Middle East, which indicates improving demand for the red...
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