Christian Jost

“During August the downwards trend of the oil price continued driven by the first signs of a cooling global economy. Accordingly, the worldwide demand in oil decreased significantly and news of increasing oil inventories are spreading. Another important reason for the sinking oil price seems to be the speculative investment shift from long to short positions at most of the international commodity exchanges. We prefer to wait and observe until the end of the year if the ongoing, sometimes exaggerated trends in the market can really persist and therefore made only minor changes to our portfolio.”