The drivers of oil price are largely unchanged and rehearsed on a daily basis as the market tries in vain to find a breakout of this, albeit a lately higher grinding crude, constraining range.
Oil prices took yesterday as day of correction which was inspired by a lack of any further conflict news from the world's clash points as markets had to settle on what was bothering the macro world.
Wednesday’s sell-off began immediately after the release of the US inventory report by the EIA. There was a tentative attempt to recover yesterday morning, but hopes were shattered after the IEA published its updated supply-demand outlook.
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