Oil market sentiment remains weak

While crude oil prices moved modestly higher last week, they closed the week USD 2.50/bbl off their highs and have begun the current week looking to the downside.

Prices made their largest retreat after the publication of the International Energy Agency's (IEA's) monthly report, the third of the key monthly reports to appear last week. 

Standard Chartered said "In our view, current pricing reflects a level of uncertainty in the market, particularly about supply-side trends; and confusion may have been increased by the monthly reports and the presentation and reporting of the IEA report in particular."