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Commodity Champions: Citi Group expects crude oil demand to increase in 2020

Updated : December 20, 2019 09:46 PM IST

Edward Morse, global head of commodities research at Citi Group, on Friday said he expects crude oil demand to increase in 2020.

Morse said, "2019 was a volatile and partly unpredictable year. The uncertainties that were built up were essentially based on a number of factors that we can identify. US-China trade war certainly going very large, and the ups and down and optimism and pessimism about it created a lot of volatility in the market. Prospects for Chinese growth also provided a significant boost to that volatility. At the same time, we saw central bank easing in advanced economies and emerging markets. So 2019 was a year of pessimism about the future and a year of volatility."

Speaking about the dollar in 2020, he said, “We expect dollar Index will go down. We think that this will be driven by numerous factors. However, one of the most telling is that we think the US-China trade agreement is positive for yuan and that will be negative for the US dollar, so we see the dollar slide. We see dollar-euro slide towards parity which would be 9-10 percent depending on how you look at it. We are negative on the currency side."
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