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US Weekly Petroleum Status Report

Oil prices surged on the back of this week’s report, which managed to successfully tear investors’ attention away from the upcoming OPEC+ meeting this weekend. In isolation, there was little to suggest this was a bullish report, given that total crude stocks rose. However, the big picture is that US oil demand remains fairly strong, which is one reason why we don’t think that OPEC+ needs to commit to further output cuts at its next meeting.

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