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BofA Merrill Lynch, in its latest research report, lowered the 4Q and 2015-16 oil price forecast last week. The Bank believes that Brent oil price will hit the bottom at US$85, and the excess supply situation will disappear in the next few weeks due to seasonal demand recovery coupled with the cut daily output of OPEC.

The Bank conducted stress test on the oil stocks against the decline in oil price, finding that in case the oil price falls below US$70, only PETROCHINA (00857.HK)  -0.040 (-0.415%)    Short selling $138.07M; Ratio 24.964%   has the sufficient cash flow to cover capital expenditures and dividend, without hurting the financial conditions

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