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The upward movement that started in February has been widely supported with optimism about the global oil glut, which has consistently lost value since 2014. For some time, major producers have been exchanging promises to decrease their production, without following through.
Oversupply and stockpiles worldwide continue to increase, forcing caution between global bank’s WTI forecasts.
Presently, fundamentals are pointing to the downside due to the previously mentioned oversupply.
Oil continues to find its production pressured by the U.S. and OPEC members and also Iran, which is eager to catch up in oil production.
Some of the biggest oil producers are expected to meet ... (read more)