Monthly Oil & Metals Update

October Brent Crude traded largely sideways in August, strengthening by 1.5% over the month. The contract initially climbed to a nine-month high of US$76.00/bbl, but later eased on mixed fundamental news. According to the Energy Information Agency (EIA), US stocks of crude oil climbed marginally in the week ending August 21, although they have declined on the whole over the month to date. On the whole, we expect that increasing signs that we are in the process of bottoming from a macroeconomic perspective will send oil prices higher in the coming months. On this basis, we recognise significant upside risks

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