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The oil market is awash with discounted, sanctioned crudes, which at around 4.7 million barrels per day now constitute about 5% of the global oil trade. These flows from Russia, Iran and Venezuela have reached their highest level since Russia's invasion of Ukraine in February 2022. Most of this oil lands in China and India — the two biggest engines of ...
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Despite occasional drops, WTI oil futures remained squeezed within the 78.00-80.00 area and between two ascending lines for the second consecutive week. The bulls have been held back around 79.68 by the 38.2% Fibonacci retracement of the December-April uptrend, while the 200-day exponential moving average (EMA) has been restrictive too. Thus, in spite of ...