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Oil Prices Remain Rangebound as Demand Concerns Mount

Weakening demand is keeping crude oil prices stuck in a range that they can’t break above. Ample supply is helping. In even worse news for oil bulls, the chances of this state of affairs changing anytime soon are slim. The perception that demand is weakening comes from traders and analysts who spoke to Reuters this week, saying refiners in some big markets were buying less crude. As for the reason for this lower buying, it was twofold and nothing new. Inflation and interest rates—this is what is driving oil prices lower or…

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