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QP - The Week in Crude Oil Markets - April 13, 2020
Front-month WTI futures ended last week on a low note, with the May contract settling on Thursday at $22.76/bbl compared to last Monday’s open of $26.09/bbl. This weekend’s historic OPEC+ agreement to take 9.7 MMbbl/d off the market starting May 1 was largely in line with market expectations, prompting a fairly muted price response this morning. Although any cuts to production are certainly better than none, the magnitude of global inventory builds projected for......
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