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Oil - Cushing stockpiles mount, up 1mn+ barrels according to Wood Mackenzie data
The report from Wood Mackenzie showed stockpiles at the Cushing, Oklahoma, delivery point rose 1.05 million barrels in the week ending May 26.Reflected in the near-term discount for spot prices (June) over July, of circa USD0.3/bbl. Indicative of weaker physical demand. Also weighing on the crude price are signs of easing supply side issues:Canadian oil sand producers are working to bring back output that was cut by recent wildfiresRussia's output cuts appear less than promisedChina's demand is...
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Posted: May 30 2023, 22:37
Author Name: forexlive
Views: 110742