Weekly Fundamentals – Crude Oil Prices Higher as OPEC-Russia Talk in March Lifts Optimism

Crude oil prices rallied last week with the WTI contract gaining +10.59% and the Brent contract up +6.33%. There are several reasons for the strength. The US weekly inventory report suggests that both gasoline and distillate stockpiles fell in the week ended February 19 as demand increased. This might indicate that falling oil prices are eventually lifting duel demand.

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