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OPEC, Russia eating US lunch as oil demand soars

By Phil Flynn


Part of the commodities rally is being driven by China and India where oil demand has exceeded pre-COVID-19 levels. Despite record-breaking oil purchases by China and attempts to hoard oil reports show that the country’s inventories have fallen to the lowest level since February 2020.

Meanwhile, U.S. oil supplies are tightening as stockpiles fell last week to 475.7 million barrels, the lowest level since March according to data from the Energy Information Administration.

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