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The Commodities Feed: US pressures the Saudis
The oil market has been fairly well supported over the last few days, with hopes that the US Congress will approve a US$2 trillion stimulus package. Meanwhile the US administration is also putting increased pressure on Saudi Arabia to take a step back from the ongoing price war with Russia. This comes ahead of an emergency G20 meeting today, where there will likely be pressure on the Saudis to stabilise oil markets, particularly at the moment. The issue for the oil market is that even if we do see some restraint from the Saudis, the world is still set to see a significant oil surplus over 2Q20, given the demand hit ... (full story)