Increase in the number US oil rigs dampened sentiment, triggering a retreat in crude oil prices last Friday, and trimming the weekly gains of front-month WTI and Brent crude oil contracts to +1.08% and +0.04% respectively. Reversal in optimism was also brought about by Russian state-owned oil company’s denial of production freeze as well as completion of the short-covering by hedge fund managers.
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Weekly Fundamentals – Promise of Output Cut in Doubt
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