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APIs & Broader Themes Support Crude In Asia

OIL

A larger than expected drawdown in the headline weekly API crude inventory estimates, a continued moderation of the DXY's recent uptick and light bid in e-minis has supported crude markets overnight with WTI & Brent sitting ~$0.70 above their respective settlement levels at typing.

  • Tuesday saw crude specific headline flow dominated by questions re: Russia's compliance to the OPEC+ production pact in the month of December (which could have been one of the factors which resulted in Saudi Arabia's unilateral, voluntary output cuts, which are scheduled for the months of February and March).
  • Elsewhere, the EIA slashed its projections for 2021 global crude oil demand in its latest STEO.
  • Wednesday will see the release of the weekly DoE crude inventory report.
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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