Drop in oil prices is short-lived

OIL traded near three-week lows on Tueday following a surge in US fuel inventories and news that OPEC had committed to keep producing at full capacity. But by close of trading on Thursday, prices had returned to the high levels of previous weeks, and Singapore prices had actually passed last week's peak.

The US Department of Energy's Energy Information Administration (EIA) monthly Short Term Energy Outlook, released early this week, revised its oil demand growth forecast downwards.

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