Oil Holds Near Five-Month High as US, China Show Tighter Market
- OPEC signals its cuts will cause a deepening supply deficit
- WTI retreats after testing its 200-day moving average
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Oil retreated after testing a key technical level, but still held near a five-month high as shrinking US inventories and surging Chinese imports added to signs of a tightening global market.
Fundamentals are supporting crude’s recent rally as inventories declined again last week at the key American storage hub in Cushing, Oklahoma, while weaker Russian oil exports and interrupted flows from Iraqi Kurdistan are reining in supplies.