The 3 major oil agencies released their monthly oil forecasts last week. The Paris-based IEA was quite optimistic over oil prices as winter approaches. It anticipated that a return in refinery operation would raise crude demand. As mentioned in the report, the IEA noted that “market perception of supply risks associated with news events may have contributed to the price changes, but swings in refining demand for crude were likely as powerful a driver”.
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Weekly Fundamentals – New Oil Demand/Supply Outlook Updated
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