Weekly Fundamentals - Unprecedented Production Outage the Key for Crude's Rally

Crude oil had another solid week with both benchmarks breached US$ 50/bbl briefly before retreat. The front-month WTI contract ended the week +3.31% higher while the Brent contract was up +1.23%. Settling at US$49.33 on Friday, WTI crude prices trades at a premium (+US$0.01/bbl) over Brent crude for the first time since January 22, 2016. We believe the bigger-than-expected decline in US crude inventory, continuing decline in US production and the aftermath of wildfires in Alberta, Canada...

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/weekly-fundamentals-unprecedented-production-outage-the-key-for-crudes-rally--2016052833000/