Four Factors To Consider in Oil
- Resumption of international air travel could boost oil demand in H2.
- Oil majors Saudi Arabia, Russia expected to raise supply as demand improves.
- U.S. shale oil output increase has lagged expectations despite higher prices.
- Oil is in backwardation, with spot prices higher than prices further out
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Consumer Prices Tick Higher
- Consumer prices rose 2.6% in March year on year, up 0.6% from February.
- Inflation expected to rise in April, May as vaccines lift consumer demand.
- Consumer demand was under heavy pressure in 2020 amid COVID-19.
- Core inflation, excluding food and energy, could rise to 2.5% from 1.6%.
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