Oil demand is muted but countries like the U.S., China, Korea, India, and Japan will rebuild strategic reserves, putting a floor under oil prices. Forecasts Brent at $75/barrel in the second half of the year, with the physical market remaining tight.
The U.S. dollar is at a seven-month high but has limited further upside. Without a resurgence in inflation or incremental productivity gains, the dollar could unwind most of its recent gains.