Crude oil prices extend last week’s strength in Asia Monday. With both benchmarks holding above US$ 50/bbl, the market is awaiting the OPEC/non-OPEC meeting schedule on May 25. The market has priced in an output extension deal until March 2018. We are concerned that the deal would be incapable of revitalizing the energy prices further from current levels due to US’ rapid shale investment. In the FX market, US dollar stabilized after the selloff over the past week.
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Busy Week Ahead – OPEC, FOMC Minutes and BOC Meeting
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