Tightening Fundamentals Have Given Oil Prices Significant Upside ...Middle East

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Tightening Fundamentals Have Given Oil Prices Significant Upside
source : OILPRICE ( Middle East ) () 20
After remaining range-bound for much of the second quarter, oil prices have mounted a significant rally, with front-month Brent gaining over 10% since the beginning of the month to trade at $83.30 per barrel. This marks the first time the contract has settled above the key 200-day moving average in nearly a full year. According to commodity analysts at Standard Chartered, oil markets are finally waking up to the fact that fundamentals have tightened significantly. The analysts have predicted that a seasonal increase in demand combined with producer…

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