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Rabobank analysts note that the oil complex put in another solid performance in the last week with prices grinding higher despite more lacklustre fundamental data.

Key Quotes

“Oil inventory data has failed to impress in recent weeks, however, the market continues to melt up with a speculative buying spree fuelling the rally.”

“We expect systematic funds to provide a strong bid under the front of the curve while producer hedging will likely keep the back of the curve under pressure on a relative basis.”

“Gasoline stocks in the US have increased sharply in recent weeks – flipping the year-on-year balance from a deficit to a surplus.”