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Brent & WTI are little changed on the day,......>

OIL
OIL: Brent & WTI are little changed on the day, after edging back from their
early Asia peaks.
- Little to note on the headline front for the space in overnight trade, outside
of Saudi reducing volumes for at least 2 Asian term crude buyers in June.
- A reminder that yesterday saw the release of the latest monthly OPEC report.
The cartel revised its global oil demand forecasts lower, and expressed worry
re: storage levels, nothing to shock there.
- Elsewhere, Russia & Saudi pointed to early positive signs re: oil demand, and
generally talked up the global producer pact.
- The latest round of weekly DoE energy inventory data revealed a surprise
(narrow) drawdown in headline crude stocks, a deeper than expected drawdown in
gasoline stocks and a drawdown in stocks at the Cushing hub. Distillate stocks
saw a pretty much in line with exp. build.
- The IEA will release its latest oil market report on Thursday.
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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