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WTI Tumbles After Biggest Crude Build In 13 Months
Oil prices extended yesterday's gains overnight (shrugging off the major crude draw reported by API as some suggest it was merely an SPR transfer) after China 'promised' timely RRR cuts to save its economy from its own lockdowns (not sure how that will actually affect real physical demand) and Russia-Ukraine rhetoric shows no signs of improving. “The market does look more balanced, but we have to remember that oil demand continues to grow this year,” given the recovery from Covid-19, Toril Bosoni, head of the IEA’s oil market division said in a Bloomberg TV interview. “With all the uncertainty on both the ... (full story)