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<Research>Citi Predicts Oil Prices to Find Support in US$55-65 per Barrel Range
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As the situation in Venezuela continues to develop, the US is accelerating efforts to bring Venezuelan oil into the market to alleviate pressure on oil prices, Citi Research published a research report saying. The primary measure appears to be transferring 30-50 million barrels of Venezuela oil equivalent to the US, which may lead other heavy crude oils like Canadian oil to shift towards the Asian market. Some oil supply may increase more quickly, but geopolitical risks remain, potentially keeping oil prices supported in the US$55-65 per barrel range. Meanwhile, in terms of US oil inventories, gasoline and diesel stocks continued to rise, returning to more neutral levels, while US crude inventories fell due to ongoing strong refinery operations. AASTOCKS Financial News Website: www.aastocks.com |
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