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Crude Oil Prices Torn Between Conflicting Supply Trends
Crude oil prices have stalled anew as traders weigh conflicting supply trends. On one hand, OPEC is pushing for broader implementation of a supply cut deal agreed by the cartel and several large external producers, notably including Russia. On the other, swing output continues to swell, with Baker Hughes data showing the number of active US rigs rose to the highest since October 2015 last week. Significant progress on this narrative seems unlikely over the coming day. Markets may have to wait until Tuesday to see the next significant catalyst for trend development. The EIA monthly report and the weekly API inventory ... (full story)