Weekly Fundamentals – Brent Crude Broke Above US$ 60/bbl

Oil’s rally gathered momentum on Friday as Saudi Arabia reinforced support of extending the output cut deal beyond March 2018 and Iraqi conflicts have shown no signs of abating. While these two factors had sent the Brent crude contract above US$ 60/bbl for the first time since March 2015, draws of gasoline and distillate stockpiles and the broad-based strong sentiment were supportive of the oil market last week.

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