Dr. Lorenz Weimann
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The oil market is continuing to adjust. Given signs of a decline in global overproduction, a renewed sharp downward correction in the oil price seems fairly unlikely. But with stocks still high, a further clear firming-up in the short term is unlikely and oil-price volatility is likely to remain elevated. The potential for a steep rise in the oil price in the medium term seems limited given that, as soon as prices are in the region of 50-65 USD/barrel, flexibly operating companies in the US unconventional oil industry will probably step up supply.The individual markets for industrial commodities are still in various phases of correction. The aggregate price of the commodities analyzed here is likely to have bottomed out. But for the time being a marked rebound is not on the cards.