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Crude A Little Softer In Asia, Joint Sino-U.S. Inventory Release Inbound?

OIL

A downtick in regional equities and a firmer USD combined to weigh on crude futures during Asia-Pac hours, leaving WTI & Brent ~$0.70 below their respective settlement levels. A shallower than expected build in headline crude stocks, per the latest API weekly estimate, provided no lasting impact on the space, with participants choosing to focus on the previously flagged headwinds, in addition to reports which pointed to the potential for a joint oil stockpile release between the U.S. and China (which the U.S. has seemingly pushed for, although China has not committed to such action, per the SCMP).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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