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The rally in global oil prices has tapered......>

OIL
OIL: The rally in global oil prices has tapered off slightly, having recently
hit fresh multi-month highs. Brent crude currently trades at USD67.92/bbl near
the highs of the day, but 77 cents off yesterday's high. Similarly, WTI trades
at USD59.95/bbl, down from yesterday's high of USD60.39/bbl.
- India oil product imports increased by 35.5% Y/Y in February, while imports of
crude by 2.9% Y/Y to 17.1m tons.
- The reduction in US inventories by USD9.6mn (according to EIA data published
earlier this week), sanctions against Venezuela and Iran, and the ongoing
commitment from OPEC to restrict supply, continue to provide support for global
prices. However, concerns about global economic growth could limit the scope for
further gains.

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