Weekly Fundamentals – Crude Oil Prices Rebounded Further on Better Fundamental Outlook

Crude oil prices rallied last week as the market has been more optimistic over the demand/supply balance. Besides the potential extension of the OPEC/non-OPEC output cut deal for another three months, each of the latest monthly reports released by the three major oil agencies appeared to have something to cheer for. The front-month WTI crude oil contract soared +5.08%, while the Brent contract gained +3.42%, last week.