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YGRN - Weekly Energy Recap: Oil Price Trends Suggest OPEC+ Output Cuts Having Desired Effect
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Brent crude oil nudged higher to end the week at $43.24 per barrel as WTI also gained to $40.55. Oil prices have been moving in an extremely narrow band over the last two months of just $3-$4 and this week that band was squeezed further from dollars to cents.
Accordingly, the US Energy Information Administration ((EIA)) raised its price outlook for Brent crude to $41 per barrel for the second half of 2020, which is $4 per barrel higher than last month. More importantly, the latest oil price trends confirm that historical output cuts made