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‘They Have Chased Bears Back Into The Woods’: Oil Clings To Gains As Sentiment Turns

Listen, people are super excited about crude. On Tuesday afternoon, we got the latest API data and it showed an impressive draw, with U.S. inventories falling by 10.2m bbl last week. That would be the largest draw since September. Of course it still has to be "confirmed" by the EIA numbers, which we'll get later this morning. Whatever the case - that is, whether oil ultimately ends up selling the EIA news - there's been a confluence of bullishness over the past 72 hours between the Saudis promising to cap exports, the first signs that US operators are trimming capex plans, and now more bullish inventory data. “They have chased the bears back into the woods. Sentiment in the market is mildly bullish,” James Williams, an economist at London, Arkansas-based energy-research firm WTRG Economics, told Bloomberg by phone on Tuesday. It's also worth noting that the U.A.E. has promised it will do its part going forward and to prove it, Minister of Energy Suhail Al Mazrouei (whose Twitter profile image looks like a combination of a high school yearbook picture and an 80s mall glam shot) tweeted this on Tuesday: https://twitter.com/HESuhail/status/889879377768525826 And so here we
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