More than a million barrels daily in additional production cuts from OPEC+. Record crude oil imports from China. A bullish outlook for air travel, hence jet fuel demand, this year. Yet nothing seems to be able to move oil prices much higher than where they are stuck right now – between $70 and $75 per barrel. The bearish factors are clear and, indeed, significant: uncertainty about the pace of China’s economic rebound from the pandemic, despite the record rate of oil imports; and inflation and recession fears that seem to have become…
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