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MNI Commodity Weekly: Oil Market Backdrop Erodes Libya Concerns

Executive Summary:

  • Oil Market Backdrop Erodes Libya Concerns: A backdrop of bearish factors takes hold of oil markets despite the Libya disruption while Middle East fears fade again and OPEC+ spare capacity overhang remains.
  • Oil Markets have seen a technical correction lower from a Brent front month high of $81.59/bbl as soft global demand growth expectations offset supply disruption from Libya. Diesel and gasoline cracks continue to trend lower but could find some support during the upcoming refinery maintenance season. (pg.3)
  • Analyst Views: See oil market overviews and outlooks by biggest names in industry. (Pg.7)
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