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April saw the perfect storm for oil: plummeting demand as the global economy slowed and many of the fuel intensive industries drastically reduced operations and increasing supply as OPEC, Russia and US shale companies ramped up production. May has seen the agreed OPEC production cuts take place and, as the economy begins to reopen, demand is recovering. We believe that equilibrium for oil is above the prices in April and that the market will see continued stabilization. Another reminder of just how interconnected the global economy still is.