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WTI Rebounds Off Two-Month Lows After API Reports Crude Draw
Oil prices decline today as the last few day's rollercoaster continued after a hotter than expected PPI print, leaving WTI near nine-week lows. Crude has been on a downward path since April, with the geopolitical risk premium from tensions in the Middle East largely evaporating. Refinery run cuts and narrowing timespreads have signaled a slightly softer market. Yet prices remain elevated for the year as OPEC and its allies restrict flows. However, an OPEC report published Tuesday showed that OPEC+ members making extra output cuts pumped 568,000 barrels a day above their agreed limit last month. The alliance is widely ... (full story)