Weekly Fundamentals - Oil Prices Surged on Hopes of Oil Market Rebalancing

The oil market was the star performer last week. Prices were driven higher by a number of factors including decline in US oil inventories, a retreat from elevated output and better demand. The front-month WTI crude contract jumped +8.61% to settle at 49.71, while the Brent contract rallied +9.28% to close at 52.52.

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Weekly Fundamentals - Oil Prices Surged on Hopes of Oil Market Rebalancing