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Thomson Reuters
Jan 10 - 01:24 PM
CAD: Oil Prices Set For Further Recovery Towards An Average Of USD65/bbl in Q1 - Danske
First appeared on eFXplus on Jan 10 - 09:19 AM

Danske Research discusses the oil prices outlook and projects further recovery ahead which should be CAD positive, keeping USD/CAD under pressure in Q1.

"The price on Brent crude rose above USD60/bbl yesterday. Oil prices are buoyed by improved risk sentiment in equity markets and OPEC+ production cuts beginning to take effect. Bloomberg survey data showed that Saudi Arabia, as announced, started to scale back production already in December.

We forecast Brent to average USD65/bbl in Q1 and thus look for the recovery to extend further," Danske notes. 

Source:
Danske Research/Market Commentary

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