Crude oil had another solid week with both benchmarks breached US$ 50/bbl briefly before retreat. The front-month WTI contract ended the week +3.31% higher while the Brent contract was up +1.23%. Settling at US$49.33 on Friday, WTI crude prices trades at a premium (+US$0.01/bbl) over Brent crude for the first time since January 22, 2016. We believe the bigger-than-expected decline in US crude inventory, continuing decline in US production and the aftermath of wildfires in Alberta, Canada…
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