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'We think there is only one explanation that might hold enough water to fit the combination of OPEC+ signaling for higher prices but traders pushing prices lower,' Standard Chartered analysts said.

Standard Chartered analysts noted that oil prices 'have continued their post-OPEC+ recovery'.

The majority of the latest monthly balance reports point to improving oil market fundamentals, the Head of Commodities Research at Standard Chartered Bank noted in a report sent to Rigzone.

'There have been two ultra-bearish readings in the past three weeks'.

'The run of weeks without bearish data is seven, a run we think is not fully reflected in prices'.

'After jumping at geopolitical shadows and overreacting in 2022, the market has been more stoic in 2024 so far', Standard Chartered said.

The three main oil balance forecasting agencies released their October reports last week.

'The fringe events have grown far beyond the scale of the eponymous official event,' Standard Chartered analysts said.

Analysts at Standard Chartered revealed that they think the oil price rally has 'further to run'.

Analysts at Standard Chartered said they still do not think crude oil prices fully reflect the rapid tightening of the market or the recent escalation of geopolitical risk.