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    Baxia Markets
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    June 09, 2021

    Oil Price Slips, Recovery Looks Promising

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    The price of Oil has reached $70 a barrel as a rally was driven by signs of a tightening market. Oil companies began selling their inventories to take profit at this high price. In the meantime, China has lowered its oil import to a five-month low, creating an even bigger supply and demand imbalance, which contributed to the price fall. Energy stocks are poised for a mixed start amid the oil price and future concerns.

     

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    However, on the crude oil future side, things are looking bright. WTI and Brent crude oil futures erased earlier declines and are on a healthy upward trend this morning, steadying after solid gains in the previous two sessions. There is a high expectation for a surging fuel demand later this year among investors, while major producers are maintaining a supplied discipline. Thus, the shift in supply and demand balance is likely to happen later this year.

     

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