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“The price of oil seems to be settling in at a new normal,” Ruchir Sharma, head of emerging markets at Morgan Stanley Investment Management, said in an interview at Bloomberg headquarters in New York. He added that Russia sees stability today, but it’s a “stability with stagnation”, according to Bloomberg.
With the world’s largest energy exporter so dependent on oil, which along with natural gas accounts for half its budget revenue, Morgan Stanley predicts “a long winter” absent any other growth drivers.
“I don’t know how long they can coexist, but this seems to be the prognosis for now,” said Sharma..........
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