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Oil trapped between bearish demand outlook and rallying equities

April 29, 2021 by

Some of the world’s largest oil suppliers are painting a bleak picture for crude demand, with the Organization of Petroleum Exporting Countries cutting the demand estimate for its oil by 1.1 million barrels a day and BP Plc saying the relentless growth in oil demand is over. But U.S. stock markets gained, signaling that investors are seeing an increase in business activity which could buoy demand.

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