WTI drops below $72, shrugs off optimistic IEA’s oil market view Oil WTI Commodities China
market report published on Wednesday, the International Energy Agency said that “rebounding air traffic and the release of pent-up Chinese demand dominate the recovery” in global oil demand.Russia’s oil export revenue in Feb fell $2.7 bln m/m to $11.6 bln, or nearly half pre-war levels.Much of supply overhang reflects russian supply seeking new destinations after EU bans.Global oil stocks have built to levels not seen in 18 months.
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