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Weekly Trends

The West Texas Intermediate (WTI) oil price is down a remarkable 45% since its July 2014 peak of US$107/bbl. In our view, the price shock has largely been supply-driven, rather than demand-driven. Through this challenging period for prices global oil demand has remained strong at 94.7 mln bbl/day in Q4/14, up 1.5 mln bbl/day from the previous quarter.
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