Oil prices have enjoyed a sustained rally in the current month thanks to bullish demand projections and encouraging oil product inventory draws. Brent briefly touched this year’s high at $83.59 per barrel in Wednesday’s intraday session before pulling back slightly as the markets continue to digest inflation numbers that came in higher than Wall Street’s expectations.
Brent has settled higher on five of the past six trading days. Products have also been stronger, with the expiring February ICE gasoil contract…Brent Needs To Be $90 or Higher To Reflect Actual Fundamentals
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