Weekly Fundamentals - Crude Oil Rebounds from Six Months' Lows, Hoping for More Output Cuts
ZacBeike3492The rebound of crude oil prices last week, from the lowest levels in 6 months, was driven by a confluence of factors including huge inventory withdrawal, expectations of output cut extension in OPEC/non-OPEC and bargain hunting. While the recovery last Friday was capped by disappointing US dataflow, the front-month WTI contract managed to secure gains of+3.51%, after declining over the past 3 week with cumulative losses of +13.6%.
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Weekly Fundamentals - Crude Oil Rebounds from Six Months' Lows, Hoping for More Output Cuts
