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FinnCap sees cause for oil price optimism

An oil glut may have hit crude prices but hopes are rising for an upturn later this year, according to broker FinnCap.
The price of a barrel of Brent crude has tumbled from more than US$100 in late 2014 to just over US$44 now as Opec has failed to freeze production. Earlier this year it fell below US$30.
Finncap analyst Dougie Youngson blamed a market fixation with "a gasoline glut which came about for some unusual reasons".
But he added: "Really the data is showing supply and demand moving back into sync, so hopefully prices will be stronger in the second half."

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