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Crude Adds To Tuesday's Losses

OIL

WTI & Brent sit $0.30-0.40 below their respective settlement levels after shedding over $1.00 apiece on Tuesday, as Libyan supply, COVID worry and caution from some of the major private oil traders weighed.

  • The latest round of weekly API inventory estimates pointed to a surprise, albeit modest drawdown in headline crude stocks, a surprise build in gasoline stocks and a larger than expected drawdown in distillate stocks. Stocks at the Cushing hub witnessed a build.
  • DoE inventory data is due to be released later today.
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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