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COVID-19 Impact on Crude Oil Demand

Feb. 28, 2020

We have been talking extensively about the subdued global economic outlook going into 2020, supported by data from global organizations such as the IMF and OECD, which have been revising their predictions for growth downwards throughout 2019.  Despite that, numbers for 2020 were generally more positive than 2019 until the emergence of COVID-19 or Coronavirus, that has already disrupted markets, with the near-term future remaining unknown. 

Towards the end of last week, markets were showing positive signs after news that new infections were generally slowing down.  However, information regarding a significant spread of the virus to South Korea and Italy ...

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Phase 1 Trade Agreement Implications

Feb. 24, 2020

Since the signing of the “Phase 1” trade deal between the US and China, the latter has been gradually removing tariff barriers on imports of products and services included in the deal.  In the latest announcement from the country earlier last week, China said it is ready to accept applications for tariff exemptions for close to 700 products originating from the US.  Liquified natural gas and crude oil were mentioned among those products.  This is seen by some as a sign that China is intending to make good on their Phase 1 promise to buy close to US $200 billion ...

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