Oil traded above $80 a barrel yesterday for the first time in history.
While OPEC’s production boost stole all the headlines, traders must have been reading back page stories with titles like: “U.S. Oil Supply Down 7 Million Barrels”; “U.A.E. to lose 700,000bpd from Maintenance Shutdowns”; or maybe “Energy Information Agency Cuts non-OPEC Supply Forecast.”
While OPEC’s production boost stole all the headlines, traders must have been reading back page stories with titles like: “U.S. Oil Supply Down 7 Million Barrels”; “U.A.E. to lose 700,000bpd from Maintenance Shutdowns”; or maybe “Energy Information Agency Cuts non-OPEC Supply Forecast.”
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