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OPEC production fell sharply in January as production cuts take effect.
Venezuela risk looks to have been already priced into the market.
The IEA expects India and China to account for nearly two-thirds of demand growth this year.
We are revising our price assumptions lower as global conditions weaken.
Oil market highlights: OPEC cuts help crude soar in January
Oil market highlights: Market sends conflicting signals
Oil market highlights: Oil prices keep up positive momentum
Oil price outlook for 2019
Oil market highlights: 2019 starts on a positive tone
Production cuts from OPEC take effect while China lowers its crude import quotas.
Outcome of China-US trade talks will set the tone for prices next year.
Investors continue to flee from crude markets
The cuts will help stabilise prices but still mean a market surplus in 2019.
Producers, investors and refiners are all feeling the pain.
February Monthly Insights
US CPI flat in January
Economic Calendar for the week
The rally in global equities stalled last week
Growth forecasts lowered
A softer US market is widening the WTI spread to Brent
Inflation in India came in softer than expected.
While the IEA and OPEC both grow more anxious about demand growth.
US employment and services PMI data along with relatively hawkish Fed-speak helped push 2Y bond yields to their highest level in 10 years last night.
Italy continues to weigh on European markets, with Italian equities declining a further -1.1% yesterday
ECONOMICS, FIXED INCOME
Despite repeated pressure from US president Trump, OPEC has yet to respond to demands to raise production.
But India and UK power ahead.
A sustainable push beyond current levels needs a more considerable fundamental catalyst.
As anticipated, the US Federal Reserve raised rates by 25bps yesterday.
Saudi inflation holds level in August
ECONOMICS, GCC MACRO
The risk of a no deal Brexit appears to have increased with both sides hardening their stance as EU leaders slammed UK Prime Minister Theresa May
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