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World’s largest oil trader sees oil struggling above USD 60/barrel

FXStreet (Mumbai) - Vitol, the world's largest oil trader, is of the opinion that crude prices will struggle to trade above USD 60/barrel next year as fresh supplies from Iran and Libya are expected to hit the markets.

Oil demand forecast revised lower

As per Reuters report, Ian Taylor, the chief executive of Vitol, said his company forecast global oil demand growth in 2016 to reach around 1.35 million barrels per day (bpd), slowing from this year's strong expected growth of 1.7 million bpd.

As per Vitol, demand from China is likely to increase next year, but it would not be enough to counter the drop in the demand from the rest of the world.

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Teunis Brosens Senior Economist at ING, notes that the recent Bank lending survey has showed that the low rates effect is starting to wear off.
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USD/CHF back below 0.9600, near 200-DMA

The USD/CHF pair stalled its recovery just ahead of 0.96 handle and recedes slightly as the bulls take a breather after the sudden spike seen in recent dealings.
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