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Major Bank Sees Abysmal Demand Growth For Oil

Oil prices could bounce around between $50 and $70 through 2025, with both demand growth and supply growth slowing, according to a new report. The oil market faces a steep supply surplus in the near-term due to the coronavirus and the prospect of demand destruction and economic deceleration. But the U.S. shale industry likely won’t rebound from its current slump, at least not to the explosive growth rates of recent years, keeping supply in check. “Shale production economics in the US continue to point to a Brent price floor around $50/bbl…