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Bulls Take the Lead as Brent Pushes Past $80

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Sentiment is turning in favor of higher oil prices with international benchmark Brent consistently at the top of its recent $71-$81 per barrel trading range. Russia will cut production by 500,000 barrels per day next month, when Saudi Arabia will also extend its current 1 million b/d cut for another month. Russian loadings are already running at their lowest level in six-months. OECD inventories are starting to fall in response to Opec-plus supply restraints just as demand starts to pick up. Beijing is looking at various fiscal stimuli to kick-start China’s economy after Covid-19. Falling inflation in the US and Europe could also signal an end to demand damaging interest rate hikes. Brent nevertheless finished the week down $1.72/bbl at $79.64/bbl while US domestic price pin WTI shed $1.74/bbl to close at $75.65/bbl.

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