Oil is just bouncing around the $50.00 a bbl. The crude oil reduction by Saudi Arabia was actually shown this month but oil prices didn't really move as before. Is it U.S. production moving markets?

When Saudi Arabian crude oil exports were proven to be down this month (January), there was a bounce to the oil price, but now it's just moving in the low $50 a bbl.  The U.S. oil producers exported 3 million bbls.  Is it due to refiners not taking sweet crude from the Permian, or the Brent spread?  Or something else.  Global slowdown?  Any ideas?

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