The 15-rig gain in the US reported last week by Baker Hughes sent oil prices down 54 cents today to $52.63/bbl. Last week WTI settled at $53.17/bbl, up 1% on the week.This time last year, WTI hit a 12-year low at $26.55/bbl. The market was thought to be oversupplied by 1-2 MMbo/d, and Iran was ramping up production after sanctions were lifted (it hit pre-sanction levels of 3.56 MMbo/d by April). US production was......
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