Oil markets have become highly volatile in the current week as traders try to make sense of a mix of both bullish and bearish drivers. Oil prices rallied mid-week after the latest EIA report showed crude refining has hit the highest level since August 2019 in anticipation of strong summer demand. However, the same report revealed that U.S. crude production has hit the highest levels since April 2020 while crude exports have declined. Indeed, commodity analysts at Standard Chartered have termed the report neutral, saying Its…
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