OIL prices have gained around 10% since early October, and prices are expected to be supported in the near term by easing recession risks and tightening supply-demand balances.
“Negative shocks on the global economy are gradually starting to wear off. Meanwhile, previously enacted policy support mechanisms are finding traction, setting the stage for a macroeconomic stabilization,” S&P Global Platts Analytics said in a recent report, adding that though downside risks persist, policy makers appear to be in control and recession risks appear to be easing.
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