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A tight Asia-Pac session for crude, with both...>

OIL
OIL: A tight Asia-Pac session for crude, with both WTI and Brent hovering around
unchanged levels, sticking to narrow ranges.
- This comes after crude edged lower on Thursday, limited by the modest downtick
in equities.
- In terms of market specifics, Thursday saw RTRS note that "OPEC fears its
record oil cuts will fail to rebalance the market and solve the worst glut in
history if a second wave of the COVID-19 pandemic undermines an economic
recovery later this year, according to internal OPEC research." This wasn't
particularly fresh/shocking.
- Elsewhere, the Saudi Energy Minister noted that the OPEC+ production pact will
be in play until April '22.
- Little else to note for the space, with broader risk appetite and
COVID-related demand dynamics eyed.
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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