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A limited Asia-Pac session has seen both WTI....>

OIL
OIL: A limited Asia-Pac session has seen both WTI & Brent tick higher, perhaps
on follow-through from Thursday's NY session.
- Softer tones from the IEA built on the recent bullish hopes of green shoots
re: oil demand on Thursday, which allowed both Brent & WTI to settle in excess
of $2.00 higher on the day, with the Agency noting that the global oil market
picture isn't as bad as it initially feared.
- This came after indications that Saudi is slashing volumes of June crude on
offer to term buyers across the globe (obviously in line with fulfilling export
pledges).
- The late bid on Wall St. would have also provided some support.
- Also worth noting that Asia hours have seen the ADNOC CEO pointing to tighter
markets in recent weeks.
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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