Barclays outlook on oil after failed Doha meeting.

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Commodity analysts at Barclays provided their outlook on Brent Crude after the Doha meeting, where the oil exporting countries failed to reach a decision on oil production freeze.

“Sunday’s highly anticipated meeting exposed the political rift between Saudi Arabia and Iran, and ultimately doomed the agreement. The producer countries are likely to meet again at the OPEC meeting in June, but we assign little meaning to the process in light of the fundamental rebalancing that is underway” written on the report. According to them the Brent oil will trade at $36 per barrel on average during Q2.

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