PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
The deadlock surrounding EU negotiations over further punitive measures against Russia was finally broken yesterday as diplomats agreed fresh economic sanctions which will come into effect later today. They did however provide President Putin with some chance of recourse after indicating that they would be lifted should Moscow do its bit to maintain the current truce. There was no such hesitation from the US who did not shy away from announcing its latest measures aimed at tightening the noose around Russia’s financial sector.
The potential scope for rising geopolitical tensions did weigh on sentiment in early trading on global equity indices although an unexpected rise in US jobless claims softened concerns of an imminent interest rate hike and helped stocks reverse losses. European investors will hope that industrial production and jobs data due to be released this morning will help the region’s bourses end the week on a high note.
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