Predictions that the world will soon be awash with oil are failing to dent crude prices, with some analysts saying China’s quiet stockpiling of reserves is staving off a major market downturn.
Big banks, energy agencies and analysts are almost universally forecasting that excess supply could push global crude prices towards $50 a barrel or lower next year.
But Brent crude, the international benchmark, is still trading at about $67 a barrel, little changed on where it was in late June, while futures markets are not pointing to a coming glut.
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