The international oil benchmark Brent Crude will likely range-trade in the $40 to $43 a barrel band until after the U.S. election on November 3, according to OCBC Bank. “We continue to expect Brent to trend from $40-$43/bbl, as we head ever closer to the US Presidential elections,” OCBC Bank’s strategists said in their weekly commodity outlook. OPEC’s jawboning sent oil prices spiking last Thursday, with Brent Crude breaking above $43 per barrel, the bank said, noting that three weeks ago, Saudi Arabia’s ‘you will “ouch like hell” warning if you bet against oil’ also sent prices rising, only to correct in the following days. “We expect the same scenario to play out here, which means that even though Brent broke above the $43/bbl level last Thursday, we expect it to correct back into the $40- $43/bbl range,” OCBC Bank said. “We continue to expect Brent to range trade […]