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Crude Breaks Tuesday High Despite Hawkish Powell Comments

OIL

Crude has nudged past yesterday’s high. The move up comes after hawkish remarks by the Feds Powell that the fight to lower inflation "has a long way to go".

  • Tomorrow brings the latest EIA report, delayed because of a public holiday in the US Monday. Market forecasts indicate a decrease of approximately 400,000 barrels in US crude stocks last week in a move that would help to support markets while eyes are on signs of higher gasoline demand as the summer driving season progresses.
  • Brent AUG 23 up 1.7% at 77.19$/bbl
  • WTI AUG 23 up 2.1% at 72.65$/bbl

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