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The coronavirus pandemic is causing untold disruption to global output. Central banks and governments are trying to cushion the blow, leaving markets to constantly reprice the economic recovery.
We now expect prices to be higher for the rest of 2020 but fundamentals still pose a challenge.
Business conditions in Dubai stabilised in June, with the headline Dubai PMI rising to 50.0 from 46.0 in May.
The UAE headline PMI rose to 50.4 in June from 46.7 in May, the first reading in expansion territory this year.
Non-oil sector growth slowed to 1.6 percent yoy in Q1.
ECONOMICS, SAUDI ARABIA
China may end its role as a price taker for Middle East oil exports.
The resurgence of Covid-19 cases in the US is raising fears for the recovery in demand.
Notwithstanding mixed economic data and a surge in new coronavirus infections across economies, global equities managed to end the week higher
The dollar was firmer last week as the equity markets hesitated, but the extent of its gains was small.
The USD recovered some its recent lost ground at the end of last week as risk appetite sputtered for the first time in a number of weeks.
Improving risk appetite saw the dollar lose ground comprehensively last week for the second week in a row.
Setting a floor under prices will help all producers, including the US.
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