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Bloomberg Intelligence Sees Oil Floor at $75/b

OIL

Oil prices could stay above $75/b despite the recent selloff, Bloomberg Intelligence said.

  • The recent decline is likely driven by ongoing Israel-Hamas ceasefire talks, with little change on the side of OPEC’s output plans.
  • Bloomberg analysts added that the geopolitical risk premium is near zero amid ongoing ceasefire talks.
  • While the threat of recession in the US remains limited, concerns around the economic outlook, particularly from China, are also remaining as an overhang for oil.

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