Saudi’s gift to US producers?

Brent prompt futures continued to hike, at 57$/b on early Wednesday as the API data showed a bigger than expected crude inventory draw in the US. Both gasoline and distillate stocks grew amid falling US demand and growing refining supply. In its latest Short-Term Energy Outlook, the EIA still predicts brent price to average 53$/b in 2021 and 2022 amid ample supplies and worsening global liquid demand.

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