Oil Rally Stalls As Oversupply Threat Grows ...Middle East

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Oil Rally Stalls As Oversupply Threat Grows
source : OILPRICE ( Middle East ) () 16
Following the price rally seen last week, oil prices have retreated to slightly lower levels, below $70 (Brent) and $64 (WTI). The main drivers of this correction have been the build-up in US oil inventories for a second consecutive week by 13.8 million barrels w/w, which is attributed to the continued closure of many refineries on the Gulf coast. The outages continue even this week as refineries on the gulf coast continue to operate below their full capacity. Refineries on the gulf coast are currently 2.59 million bpd below their processing…

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