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WTI Spikes Above $62 After 3rd Straight Weekly Crude Draw, Optimistic IEA Report
Despite growing vaccine hesitancy and global COVID cases resurging, oil prices are rising for a third straight day after the IEA lifted its forecasts for demand and API's report pointed to another decline in US crude stockpiles. Additionally, news that China is clamping down on independent oil refiners in an effort to curb overcapacity and stamp out illegal practices is helping push WTI back above $61 ahead of today's official production and inventory data. "The main price driver this morning is the monthly IEA report that foresees a significant rise in global oil demand in the second half of the year. This, in turn, ... (full story)
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