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Broader Risk-On Theme Outweighs Fundamentals

OIL

Crude is happy to look through the fundamental news flow surrounding the space, with the broader risk-on tone supporting at the start of the week. That leaves WTI & Brent ~$1.10 above their respective settlement levels at typing, with the latter trading back above $40.00.

  • A reminder that weekend news flow saw Libya attain > 1mn bpd worth of crude production, a near 500K bpd increase in roughly 2 weeks.
  • Elsewhere, RTRS sources suggested that "key members of OPEC are wary that strains in the OPEC+ alliance could re-emerge with Joe Biden as U.S. President," given the potential for a rebalance in U.S. relations, most notably with Saudi, Russia, Iran & Venezuela.
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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