Oil prices are headed higher later this year amid increasingly bullish fundamentals, even though the market is still very much focused on macroeconomic concerns. Supplies are tightening, thanks to the cuts from OPEC+ and Saudi Arabia, while demand remains resilient despite underwhelming economic data out of China in the past few weeks. While market participants are following the bearish macroeconomic sentiment, physical crude supply is tightening, especially of sour grades, the type of oil most of the Middle East pumps…
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