Standard Chartered: Fundamentals Justify $65 Oil More Than $75

The oil market is not as tight as the Wall Street consensus view, and with the current slowdown in demand growth, the fundamentals justify more like $65 a barrel Brent rather than $75, Standard Chartered said in a research note dated Tuesday. At present, the oil market is in a mild surplus. The bank's commodity analysts said that it will continue to be in surplus in September. Standard Chartered's view echoes last week's warning from the International Energy Agency (IEA) that new mobility restrictions in Asia to fight the Delta variant are set…