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Oil prices have been stable since early January, with Brent crude price hovering around $55.
Brent crude closed the week slightly higher at $55.41 per barrel, while West Texas Intermediate ((WTI)) closed slightly lower at $52.27 per barrel.
The IEA's January Oil Market Report came as the most pessimistic monthly report among other market bulletins from the Organization of the Petroleum Exporting Countries and EIA.