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Sunday, 7 May 2017

What’s the outlook for oil and metals after their recent slump?

What’s the outlook for oil and metals after their recent slump?:

"A slumping oil price heading down to the lowest levels this year has overshadowed upbeat earnings from international energy companies for the first quarter. Confidence in Opec’s ability to reduce excess stockpiles and bring to a close the worst price crash in a generation is wavering. Inventories remain bloated, the cartel’s own exports are higher than expected and the US shale oil industry is reinvigorated. Oil ministers from Opec and Russia are expected to renew the initial six-month deal to cut supply at the end of May but the push has failed to support prices that have fallen below $50 a barrel. Efforts to talk up the price have resumed but to what extent will they succeed? “There is still further downside ahead, even if a dead cat bounce can be expected in the short term,” says Alexandre Andlauer, analyst at Alphavalue."



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