Brent crude rebounded from Friday's early weakness to close with a modest gain while US crude ended with a small loss as traders and investors debated whether oil's rally over the past month and a half should continue amid stubbornly high supplies. North Sea Brent crude futures have rallied nearly 20% since the end of March, while US crude futures have risen almost 30%. Crude inventories in the US, meanwhile, remain near 80-year highs. To some, that suggests a market that has overshot and is likely to correct.
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