| The oil price established a new lower range last week, falling below $40 for the first time since 2008. We expect to see some improvement in the oil supply/demand balance as we move through 2016, but in the short term oversupply will persist.
Supply-pressures have been driven by both OPEC and US shale producers. Counter-intuitively, OPEC's production has been on an increasing trend despite the sharp fall in the oil price since 2014 and capacity is expanding as sanctions are lifted on Iranian exports...............................................Full Article: Source
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