There was no genuine bullish uptick on Wednesday after US oil stocks registered their largest draw in 31 weeks, and prices remained in a state of stasis. A series of adverse macroeconomic developments have unhinged markets, including a fresh row between the US and China, the looming threat of a second wave of Covid-19 infections and the need for more fiscal stimulus. So far, optimism had held on China's fast recovery and a faster-than-expected surge in demand for refined products, notably in Russia, the US and China itself.
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