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“The market is struggling to get strong conviction to the upside at the current point in time,” Lachlan Shaw, head of commodity research at National Australia Bank (OTC:NABZY) told Reuters.
“There’s mixed evidence on demand.”
The U.S. Energy Information Administration (EIA) recorded a 5.654-million-barrel surplus, considerably more than the 3.114-million-barrel draw forecasted. The surprise build prompted OPEC+ to press on over-producers such as Iraq and Nigeria, to improve their compliance with supply curbs.