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Surprise Crude Build Threatens Oil Rally

Tom Kool

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

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Oil Bulls See Glimmer Of Hope

Oil prices clawed back some losses at the end of the week on bullish news from OPEC.

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Oil prices showed some life at the end of this week on news that Saudi Arabia was holding firm on the OPEC+ cuts. Also, there are some glimmers of hope that the Trump administration won’t move forward on its proposed trade war with Mexico.

Automakers warn Trump on emissions deregulation. The world’s largest automakers warned the Trump administration that its effort to water-down fuel economy standards for cars and trucks would create “untenable” instability in the manufacturing sector and slash profits for the automotive sector. In a letter signed by 17 car companies, including Ford (NYSE: F) and GM (NYSE: GM), they urged the administration not to move forward with a plan to roll back fuel economy standards. In particular, because California would continue to enforce its own standards, the nationwide fuel economy standards would give way to a patchwork across various states, something the auto industry desperately wants to avoid.

Saudi Arabia affirms plans to extend cuts. Saudi oil minister Khalid al-Falih said that an OPEC+ extension was all but certain. “I don’t think the question is at all whether we will extend or…



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