The oil market is dramatically tighter than it was only a few months ago, driven by both supply cuts and outages, as well as by the surprising “resilience of demand,” according to the International Energy Agency. “In China, the economy seems to be reacting to the government’s stimulus measures with purchasing managers’ indices increasing and export orders recovering, although there are signs that air cargo volumes might be falling,” the IEA said, noting that while demand is strong there are a wide range of outlooks…
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