Optimism (almost) always wins in the end
Equity markets rebounded, bond yields edged down and the USD weakened: the impact of the Fed minutes has evaporated or maybe the markets are relieved…
ICE Brent prompt contract was trading at 69.7 $/b on Monday as most Texan refineries were restarted over the weekend. Furthermore, Chinese crude processing in January and February remained strong, at 14.13 mb/d, slightly above our forecasts as fuel consumption during the Lunar New Year break remained strong.
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