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Oil: Expect lower prices for longer – ANZ

Oil market demand destruction due to lockdowns is significant, with estimates of 20mb/d. Further, the price war between Russia and Saudi Arabia continues, strategists at ANZ Bank inform.

Key quotes

“We calculate world crude oil demand has fallen by about 20mb/d, which makes the supply side issues largely irrelevant.”

“We suspect with the lack of available storage, supply will start being shut down if this level of demand destruction continues. That doesn’t bode well for the oil price in the short term.”

"The market is expecting a production increase from Saudi Arabia; so we expect lower prices for longer."

 

Indonesia: Inflation is expected to pick up moderate pace – UOB

Economist at UOB Group Enrico Tanuwidjaja reviewed the recent inflation figures in Indonesia and the prospects for the next periods. Key Quotes “March
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GBP/USD climbs to session tops, closer to mid-1.2400s

The GBP/USD pair edged higher through the early European session and refreshed daily tops, closer to mid-1.2400s, in the last hour. Having repeatedly
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