Oil glut meets rising demand in quietest market since 2013
Crude trades in US$5 range in June, the narrowest in 19 mths
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THE sleepiest oil market since 2013 will probably limp through the second half of the year as well.
Crude traded in a US$5 range in June, the narrowest in 19 months. Volume was the lowest since December and open interest - the number of futures contracts outstanding - was the least since January. New York-traded futures, which have swirled around US$60 a barrel for the past two months, will average about US$59 in the third quarter and US$63 in the fourth, going by the forecasts of 22 analysts compiled by Bloomberg.
