Commodity Market Report

Macro Oils short-term outlook: January 2021

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The OPEC+ agreement and Saudi announcement immediately after the meeting on 5 January support oil prices. The 1 million b/d additional reduction from Saudi Arabia offsets the weakening demand recovery in the US and Europe as coronavirus cases rise. Shortly after the announcement of the cut, Brent rose several dollars a barrel to $53-54 per barrel. Highlights of the early January Macro Oils Monthly Update include: • Assessing state of demand as pandemic and strict lockdowns trigger weakness • Signs of recovery in the US Lower 48 rig count • Tightening supply and demand balance after Q1 2021 supporting prices

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