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Market Update: Crude Oil Extends 3-Year Highs
Crude oil futures lifted on Monday, extending gains after lifting 4% in the previous week to trade at level not seen since October 2018 amid signs of strong post-pandemic economic recovery. On the supply side, API reported a fall of 5.36 million barrels in US stockpiles last week and EIA data showed a bigger-than-expected 5.08 million drop. Meanwhile, the Saudi Arabian energy minister said it would be premature to talk about potential overheating in the global oil market before seeing higher demand. Early last week, OPEC+ agreed to gradually ease supply curbs through July, signaling the ongoing strengthening of market fundamentals. [/s2If]
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