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A potential tightening of the global heavy crude market might push up the price of the Dubai benchmark in opposition to ICE Brent as China will scramble to switch the lost Venezuelan barrels, the analysts said final week. And now oil and commodity consultants at Commonplace Chartered have reported that the Brent crude worth of $95/bbl seems to represent an uneasy equilibrium between hopes of de-escalation and structural tightness in physical balances that’s growing as time passes. The estimated increased greater than offset the prior week’s draw of 11.1 million barrels.

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