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Oil prices still face many headwinds

The rebound in the last few weeks has lifted oil prices above our current end-2015 projections for Brent and WTI, but we are in no rush to change them. Some major headwinds both on the supply and demand side – as well as the broader financial backdrop – mean that a strong recovery remains unlikely. Indeed, we would not be surprised to see several bouts of renewed price weakness later this year.

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