Oil fell below USD50/bbl as traders lost patience - ANZ

Analysts at ANZ published their latest weekly commodity report on Monday, offering insights on oil prices.

Key Points:

Energy led the China Commodity Index sector lower

Oil falling below USD50/bbl as the traders lost patience with the rebalancing of the market

Despite OPEC exceeding proposed production cuts, inventories remain high

At the same time, US drilling activity and oil output continues to rise