Bearish sentiment has taken hold of oil markets recently as fears of demand destruction and rumors of a new nuclear deal pushed prices down. Strong inventory draws in the U.S. have since sent prices back up, but downward pressure persists.
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Oil prices had a nightmarish start to the week, plunging no weak Chinese economic data and rumors that an Iranian nuclear deal could come to fruition. Fortunately for oil bulls, hefty US stock draws across the oil and products spectrum have eased concerns that demand destruction is wreaking havoc on domestic demand. Both WTI and Brent have bounced back on the news.
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