It seems that oil market participants are still concentrating on demand and trade war instead of oil supply! According to Reuters, 51 market economists and analysts predicted that Brent crude (LCOc1) would average 65.01$ a barrel in 2019 which is 4% lower than previous month (67.4$). Demand also reformed from 1.4 million barrels to 1.3 million barrels per day.

Supply is not reported badly. The US oil wells’ reduction is continuing and last week it reduced to 742, the lowest level in last 24 months!

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