Oil prices continue to churn weighing positive and negative factors. The recent upswing in US refinery demand for crude oil has underpinned prices, along with geopolitical jitters emanating from Iraq and Yemen. While the flow of crude oil in storage in the US continues unabated, despite a rapidly falling rig count. Industry honchos were in Houston for the IHS/CERA confab, and were unabashedly talking their book. Most of the oil company’s CEOs feel the bottom for oil prices has been set, and there is an almost clarion call for allowing the export of the crude oil bounty.
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