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The oil rally of the past two weeks continues, even though in a more tempered manner, on the back of U.S. commercial crude supplies shrinking, Russia starting to implement its OPEC/OPEC+ commitments and China promising to do whatever it takes to avert an economic slowdown.
Beijing duly demonstrated the seriousness of its intentions – following weak December trade data, the Chinese National Bank has injected a record amount of cash into the economy via reverse repo operations, further backing it up with a robust PR drive. As a consequence, the global benchmark Brent traded between 60 and 60.5 USD per barrel on Wednesday afternoon, whilst WTI hovered around 51.5-52 USD per barrel.