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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 ...
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Oil climbed after government data showed a decline in US stockpiles, signaling a tighter physical market. West Texas Intermediate settled near $79 a barrel as crude oil inventories fell by 1.36 million barrels, according to the Energy Information Administration. The pop shows that traders are taking the news as the first bullish indicator among a sea of ...