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A Touch Lower In Asia


WTI & Brent crude futures run ~$0.60 below their respective settlement levels at typing, a little above worst levels of the session. This comes after a firmer dollar and a downtick in OPEC's world oil demand growth projections for the current calendar year capped the upward impetus that came on the back of several Gulf states lifting crude prices to Asia buyers on Thursday. It also seemed that the COVID situation in some of the major European nations created some worries re: the demand side of the equation, while localised restrictions in the Chinese capital of Beijing also caught the eye. In broader index news, S&P have recently noted that Brent crude oil has seen the largest percentage weight increase for '22 when it comes to the S&P-Goldman Sachs commodities index, while WTI crude has retained its largest weight status. Broader focus continues to fall on the potential release of U.S. SPR holdings, given the well-documented upward pressure on gasoline prices.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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