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(U1) Tilted Higher

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(U1) Uptrend Weakening

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Fresh 2021 Lows

OIL
OIL: Crude consolidated the losses it registered on Tuesday, with WTI & Brent
trading $0.30 & $0.10 worse off respectively at writing.
- Reports have suggested that the latest API crude inventory release revealed a
larger than expected headline build in crude inventories, with gasoline stocks
exhibiting a smaller than expected drawdown than exp., while the drawdown in
distillate stocks topped the median forecast.
- This came after the waivers on the latest round of sanctions on Iran, put into
play by the U.S., weighed on prices Tuesday.
- Turkey announced that it would not abide by the aforementioned sanctions on
Tuesday.
- Elsewhere, the EIA cut its U.S. & global oil demand forecasts for 2019, as it
lifted its U.S. demand forecasts for 2018.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com