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Brent crude has inched higher to................>

OIL
OIL: Brent crude has inched higher to USD67.74/bbl, surpassing the YTD high and
returning to November levels. WTI trades close to flat on the day, but is
similarly holding at November levels.
- Having met in Azerbaijan on Monday to discuss supply cuts, OPEC members have
scrapped the planned April meeting. This is likely to delay the decision on
further output curbs to June. Although OPEC has indicated that a delay was
needed to assess the impact of US sanctions on Iran and the supply situation in
Venezuela (in light of disruption caused by rolling blackouts), there is also
some speculation that the April meeting was cancelled due to tensions between
Russia and Saudi Arabia.
- UAE Energy Minister Suhail Al-Mazrouei has stated that he is committed to
delivering 100 percent of oil supply cuts in the coming months. Al-Mazrouei
further stated that OPEC cannot stop the cuts to oil output as long as the
supply gut persists.
- Weekly US inventory crude data published by the Energy Information Agency will
be out later today.

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