Is the oil market rebalancing?

|By:, SA News Editor

Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC's Secretary-General Mohammad Barkindo.

"I remain cautiously optimistic that the market is already rebalancing," he told reporters in Baghdad.

Oil had its biggest weekly increase in 2017 last week, with futures advancing 5.5% to climb back above $50 a barrel.

ETFs: USO, OIL, UCO, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, DWT, OILK, OILX, UWT, WTID, WTIU

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