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Crude Futures Higher

OIL

Oil is higher in Asia-Pac trade, WTI is up $0.40 from settlement levels a $73.25, Brent is up $0.50 at $75.31. Crude futures finished lower yesterday but have reclaimed lost ground and are now above yesterday's opening levels and approaching the intraday high. Data from API yesterday showed headline crude inventories fell 7.2m bbls last week, markets will look to DOE stockpile data later in the session to confirm the print. Focus remains on delegate comments from OPEC+, which raised the prospect of further reversing of oil supply cuts from August - their next meeting. Russia are said to be in favour of an increase in oil supply, with the country's Deputy PM meeting with oil company heads this week to assess the state of the energy market.

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