He expects the stock market, which had a strong start in 2013, will continue to be supported by an improving economy in the U.S. and signs of a reacceleration of economic growth in key emerging markets.
World oil markets will swing back into deficits in the third quarter of 2011 with the loss of 1.5 million barrels per day from Libya and a seasonal swing amplified by the reacceleration of economic growth in China and Japan, putting serious pressure on OPEC spare capacity.