Oil Cover

Oil Market Snapshot – March 2013

  • We expect global oil demand to continue to grow at a slow pace by year-end
  • In this period, we expect oil supply to increase faster than demand, mainly driven by US Light Tight Oil (LTO)
  • We believe a stronger US dollar will also weigh on oil prices
  • However, continued supply disruptions in the politically unstable MENA region limit downside pressure
  • As a result, we predict oil prices will remain flat at approximately $110/bbl in 2013

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