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PIMCO fund manager does not believe in oil comeback

"The market has frequently romanticized the idea that a fall in investments will lead to higher prices," says Greg Sharenow. He believes it will take years for oil prices to reach their former levels.

Photo: Pimco

The coronavirus isn't the only headache managers have to contend with at the moment. The dramatic drop in crude oil prices has also led to serious consequences over the past few months.

Oil prices have dropped by 45 percent so far in 2020. Currently, Brent oil is selling for USD 34.7 a barrel, while WTI oil is being traded at USD 32 a barrel.

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