A small dip in implied demand was attributed to inclement weather.
crude oil
Should U.S. oil prices run too hot, they will approach global prices and diminish incentives to export.
Markets were volatile as the usual movers were overshadowed by the U.S. Federal Reserve.
Implied demand for this time of year is a bit lower than pre-pandemic levels.
Iran remains something of an elephant in the room for the crude oil market.
Talk of progress in Iranian negotiations is driving oil prices lower.
Inventory data next week will be skewed by the major U.S. pipeline outage.
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