Øgede olieforsyninger synes at have ført til, at det værste omkring oliepriserne er overstået, vurderer Merrill, som også vurderer, at der ikke er frygt for en forværring af oliesituationen som følge af Ruslands krig i Ukraine.

Uddeag fra Merrill:

Better-Than-Expected Oil Supply Situation Fuels Equity Relief

Pressures to suppress global oil consumption are likely to remain strong given
increasingly ambitious climate change policies, suggesting sustained high fossil-fuel prices
ahead.

However, sharply slower money-supply growth and better-than-expected oil-supply
conditions into the second half suggest that, cyclically, the worst is over in terms of
commodity-related inflation pressures.

This has helped lower interest-rate expectations,
calm credit markets, stabilize consumer sentiment, and boost Equities. In our view,
investors’ perception that the worst is behind us in terms of the effect of the
Ukraine/Russia conflict on global oil supply has contributed significantly to the spectacular
stock market rebound out of its first half turmoil.