SINGAPORE (April 3): Crude oil prices are unlikely to trade significantly higher in the short-term despite US President Donald Trump’s optimism that a price war between Saudi Arabia and Russia can be resolved, according to DBS Group Research.

This is because a truce is unlikely to happen without the inclusion of the US, which has become a major shale oil producer in the last few years.

That is why the market will likely remain oversupplied in the near-term with demand in “free-fall”, the brokerage warns.

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