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'We continue to view the U.S. as responsive (and highly capable) in an accommodative price environment'.

'Rising macro concerns are becoming larger factors in oil views'.

'Bearish price action has been driven by macro concerns and large global supply growth while bullish moves are being driven by expectations for further OPEC+ cuts and positioning'.

'Monthly EIA production figures for October showed U.S. oil production roughly flat month on month'.

Oil struggled to find a bid after the Federal Reserve's recent comments spurred traders to shun energy and pour money into interest-rate sensitive stocks.

Oil retreated for a second week in the wake of plans for massive stockpile releases, a demand-sapping virus outbreak in China and a hawkish turn from the U.S. Federal Reserve.

Oil's losses deepened, with thin liquidity exacerbating sharp swings, as China's mounting death toll overshadowed the country's resolve to boost its economy.

Oil posted its first weekly loss since Russia invaded Ukraine and sparked one of the most tumultuous periods the market has ever experienced.

Oil supplies will pose a bigger issue than demand for global markets in 2024 as some countries struggle with production and investment, the United Arab Emirates energy minister said.

Oil posted its largest weekly gain in a month after Iran said a new front in the conflict between Israel and Hamas was possible. Traders also covered bearish bets ahead of a widely expected invasion of Gaza.