Energy prices extended rally last week, amidst hopes of tighter demand/supply balance with OPEC seeking to lower output. The front-month contract for WTI crude oil jumped +6.44% to settle at 44.49, highest close in 4 weeks, while the Brent crude contract accelerated the rally, gaining +6.1% (previous week’s gain +4.26%) to settle at 46.97.
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Weekly Fundamentals – Energy’s Rally Only Temporary as OPEC Continues to Raise Output
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