Oil prices started the week at a one-month high, with geopolitical tensions and growing confidence over an OPEC deal extension driving a rally. But as oil prices settle in the mid-50s the rally is slowing and traders appear happy to lock in gains. (Click to enlarge) (Click to enlarge) (Click to enlarge) Chart of the Week (Click to enlarge) • Gross U.S. oil imports rose in 2016 by an average of 514,000 bpd compared to a year earlier, rising to 7.9 million barrels per day (mb/d). On a net basis – after accounting for the rising volume of exports – imports increased by 460,000 bpd. • Still, gross imports in 2016 were 22 percent lower than the 10.1 mb/d hit in 2005. • Canada continues to capture a growing share of imports, as lighter domestically-produced U.S. crude displaces oil from West Africa and the Middle East. Market Movers • […]