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After yesterday's dramatics in CLK0, ahead of...>

OIL
OIL: After yesterday's dramatics in CLK0, ahead of today's expiry, Asia-Pac
trade has been much more contained (for the liquid contracts), with comments
from U.S. Pres. Trump re: filling the SPR & looking at stopping Saudi crude
imports providing at least some support for WTI. CLM0 is ~$1.00 above
settlement, Brent has lagged & trades slightly softer vs. settlement levels.
Elsewhere, late Monday saw a WSJ source report note that "Saudi Arabia and other
OPEC members are considering cutting their oil output as soon as possible."
Adding "something has to be done about this bloodbath," said a Saudi official
familiar with the matter. "But it might be a little bit too late."
- Venezuelan Pres. Maduro is pushing for an OPEC+ meeting in early May.
- We flagged comments from Goldman Sachs re: oil market dynamics in an earlier
bullet, as they flagged the potential for last minute CLK0 induced volatility
ahead of today's expiry.
- Looking ahead, market oversupply and ETF fund flow dynamics will be the
notable themes in the coming sessions/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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