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Pictet WM: Oil price forecast revised up due to strong growth and weak USD

Pictet Wealth Management has revised its oil price equilibrium upwards amid a favourable environment underpinned by a combination of strong growth, substantial US fiscal stimulus, US reflation and a weak USD. Despite this, the bank noted that oil prices are already close to their long-term equilibrium prices, spelling limited upside. Pictet has revised its WTI target from US$58 to US$63…

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