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A continuation of Wednesday's risk-off theme....>

OIL
OIL: A continuation of Wednesday's risk-off theme allowed crude to edge lower in
Asia-Pac hours, with WTI & Brent both running ~$0.30 below their respective
settlement levels at typing.
- This comes after the benchmarks shed over $2.00 apiece come Wednesday's
settlement, with U.S. equity markets coming under pressure on factors we have
covered elsewhere, alongside heightened worry re: oil demand on the back of
recent COVID-19 developments in the U.S.
- Elsewhere, the latest DoE inventory report saw a larger than expected build in
headline crude stocks, albeit shallower than that seen in the API estimate, as
well as a surprise, modest build in distillate stocks and an inline with
expectations drawdown in gasoline stocks. There was also a notable 500K bpd
uptick in U.S. crude production in the most recent week.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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