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Nevertheless, some traders have taken the positive news with a grain of salt as inventories remain elevated in the ongoing global supply glut, with economic data around the world undershooting expectations.
“Looking ahead, the market mood should continue to see pessimism fade and optimism grow, which would bring some tailwinds to oil prices in the near term,” Norbert Ruecker, head of macro and commodity research at Julius Baer, told the WSJ, adding that “The oil market remains amply supplied and prices are set to trade rangebound.”
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