Global Oil Market Outlook Q209

The merchants of doom predicting a continuing decline in oil prices will have been frustrated in the opening quarter of 2009. While macroeconomic news has indeed been consistently and abundantly bearish, the oil market has proved resilient. Admittedly, there is no evidence of a major near-term rally. Equally, however, there are signs of good support for prices around or even above recent levels. OPEC's production strategy may be laying the foundations for longer-term rebuilding.

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