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Oil prices have pulled back sharply in the month of May with prices posting their steepest weekly loss in three months. The front-month contract plunged to an eight-week low of $82.41 per barrel in intra-day in early trading on 7 May, good for a $5.07/bbl w/w decline while Brent for July delivery fell by $3.87/bbl w/w to a settlement of $83.33/bbl. The oil ...
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It’s one of the first maxims that oil traders learn, but over the last couple of weeks, that platitude has not played out as expected. Despite the ongoing conflict between Israel and Gaza (highlighted by Israeli forces recently moving into Rafah, a key city on the Gaza strip), oil prices have been in retreat since early April. In essence, markets are ...