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OIL: Brent to Recover to Mid $80s/bbl on Financial Demand Rebound: Goldman

OIL

Brent crude futures are set to recover to the mid-$80s/bbl amid a rebound in financial demand from its record low, according to Goldman Sachs cited by Bloomberg. 

  • Low positioning has historically foreshadowed a price rise over the following three months as financial positioning tends toward historical averages.
  • An increase in global supply of 0.2mb/d last week on stronger Russian and Iranian production provides a bearish signal.

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