Are Oil Markets About To Turn?

Brent crude climbed back above $62/barrel in intraday trade toward the end of October, before heading back down again, owing to concerns about weak Chinese industrial growth, following data showing Chinese industrial company profits had fallen for the second month in a row. Earlier data put India’s oil imports in September at three-year lows. India and China have over the past decade accounted for more than 50% of global oil demand growth. Nonetheless, the earlier optimism suggests that given the right conditions, oil prices could shrug off…