Weekly Fundemantals - Oil Companies Cut Capex but Not Production

Crude oil rebounded amidst news of supply disruption in some exporting countries, such as Iraq, capex reduction by oil companies and further decline in rig counts. However, the weakness in the underlying fundamentals suggests that the rallies should not sustain. Growth in oil output would stay strong in coming months and should be a key factor weighing on oil prices.

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Weekly Fundemantals - Oil Companies Cut Capex but Not Production