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Oil prices are uncertain as to which direction to take
WTI prices remained relatively unchanged since last week’s oil report. In the current report we intend to have a look at the state of the US wti market, Iraq’s commitment to OPEC’s production cuts, and the difference in global oil demand forecasts between the IEA and OPEC. To conclude the report we will also provide a technical analysis of WTI’s daily chart. The metrics related to the US oil market tended to provide mixed signals since our last report. Characteristically the Baker Hughes oil rig count for the prior week, dropped by three active oil rigs, from 499 to 496, in a sign of easing oil demand in the ... (full story)