There's tangible credence that normal service is returning to global oil markets. With the sharp rebalancing continuing to gather speed, the inflection point is set to be reached in late May to early June, as oil markets are set to become instantaneously balanced with the equilibrium of supply equating demand.

Whilst Ehsan Khoman, Head of MENA Research and Strategy, remains resolutely bullish on oil prices, he views crude oil correcting the current oversold condition into a holding pattern with range-bound prices over the next 2 to 3 weeks, with the next leg higher in prices taking a firm hold once oil markets move into a deficit by mid-June.

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Download: Entering the inflection point in global oil markets: The Global Markets FX Week Ahead Podcast (MP3)

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