The oil market looks neutral to bullish with the potential for high
volatility due to the uncertain macroeconomic environment, says Filip
Petersson, commodity strategist at SEB. Investors are seen focusing on
Chicago
PMI
,
U.S.
consumer confidence and potential statements from the troika on the ongoing
Greek sovereign debt crisis.
On the fundamentals side, Brent strength could be
capped by rising supply expectations in the Atlantic basin. However, the
European benchmark is likely to remain buoyant, Petersson adds. Nymex November
crude is up 22 cents at $82.36/bbl, ICE November Brent down 15 cents at
$103.80/bbl.