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The ECB marginally upgraded their 2016 GDP and inflation forecasts, but otherwise continued in a similar holding pattern to their previous statement. OPEC unsurprisingly failed to agree on anything. The market got very excited about a potential output ceiling despite OPEC usually ignoring these ceilings in the past and key members, Saudi Arabia and Iran, fighting multiple proxy wars against each other. However, the oil price did regain much of its losses after the weekly US EIA oil inventories declined by 1.4 million barrels, its third weekly decline in a row.