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An Uptick In Asia

OIL

WTI & Brent crude futures have added ~$0.20 to settlement levels. A reminder that a deeper than expected drawdown in headline crude stocks in the latest DoE inventory report added to the post-API impetus on Wednesday, with the DoE release also providing a drawdown in stocks at the Cushing hub. The distillate and gasoline DoE readings also witnessed drawdowns, although they weren't as deep as broader exp. Several supply side headlines were more negative, although inventory data outweighed those matters, with U.S. Gulf crude production slowly coming back online, the Colonial pipeline pointing to normal operation, while exports from the Libyan oil terminal of Hariga are set to resume.

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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