Oil news and market movers: Trafigura paints it black
- Bloomberg reports that major commodity traders Trafigura Group and Gunvor Group Ltd. have painted a bleak picture for Oil, with lingering concerns over Chinese demand and oversupply. Trafigura Group said that OPEC is facing a dilemma when it comes to reconciling the group’s goals with what the market needs.
- Morgan Stanley issued another price cut in its forecast for a second time in just a few weeks. Reuters reports that the bank sees Brent Crude at near $75.00 for the fourth quarter.
- Meanwhile, China is trying to consolidate ties with some Oil producing countries, with Chinese Premier Li Qiang set to visit Saudi Arabia and the United Arab Emirates this week, Beijing's foreign ministry said Monday, AFP reports.
- A weather system in the southwestern Gulf of Mexico is forecast to become a hurricane before it reaches the northwestern US Gulf Coast, the US National Hurricane Center said on Sunday, Reuters reports. The area accounts for more than half of the country’s refining capacity.
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