Nevertheless, fundamentals are improving in the energy market. For example, U.S., India and other major consumers are seeing increased demand, the Wall Street Journal reports. On the supply side, U.S. shale production has fallen off in response to the collapsed prices, and producers like Nigeria and Canada have experienced disruptions.
“There is one big bullish factor for crude prices: the situation in Nigeria, he said. Supply disruptions caused by a string of attacks by a militant group in the country have brought the oil exporter’s production to the lowest in 20 years,” according to CNBC.
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United States Oil Fund