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Oil Prices On Track For A 6% Weekly Gain

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After a weak start of the year, oil prices are on track for a respectable increase this week thanks to expectations of a rebound in China demand. Also among the bullish factors were yesterday’s release of inflation data for the U.S. that suggested a slowdown and signs that the Federal Reserve may slow down with its rate hikes. As regards China, the government this week issued a new batch of crude oil imports and that batch suggested Beijing expects stronger oil demand in the country. Together, the two batches of import quotas issued since…

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