High volatility continues in oil market

Events on the oil market continue to be characterized by high levels of volatility, oil prices once again repeatedly fluctuating by $1-1.5 during the course of trading yesterday. 

"It is virtually impossible to identify any clear trend at the moment, though the bullish factors are likely to predominate in the medium term. In recent days, an imminent tightening of non-OPEC supply is expected, which should help restore the balance on the oil market as early as next year", says Commerzbank. 

The outlook on the demand side has also brightened considerably of late, however. The already strong demand from China should even derive further positive impetus from the stimulus measures implemented by the government and central bank. 

The latest fall in car registrations in China, which gave rise to negative sentiment recently, was due above all to psychological factors and will soon be reversed.