Oil

Oil: Becoming increasingly clear that there is a race to the bottom on price. OPEC's standing ground on production levels appears aimed at driving prices lower, and squeezing the marginal producer out. CLSA notes this level of politics in the crude markets hasn't been seen for some time, and will now result in prolonged weaker price than initially thought. The house trims 2015/16 crude forecasts to US$85/90 bbl