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Oil Extends Bearish Price Series as US Stockpiles Rise for Fourth Week 2021-03-17 19:30:00 David Song, Strategist Oil Price Talking Points The price of oil extends the series of lower highs and lows from earlier this week as US crude inventories widen for the fourth consecutive week, but current market conditions may keep oil prices afloat as it continues to track the upward trend established in November. Advertisement Oil Extends Bearish Price Series as US Stockpiles Rise for Fourth Week The broader outlook for the price of oil remains constructive as it takes out the 2019 high ($66.60) in March, and crude may continue to exhibit a bullish trend in 2021 as Saudi Arabia stays on track to reduce supply by 1 million b/d until April.

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