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Crude Futures Lower

OIL

Oil is lower in the Asia-Pac time zone on Thursday; WTI is down around $0.52 from settlement levels at $65.56/bbl while Brent is down $0.52 at $68.80/bbl. The Colonial Pipeline is returning to service, recovering from a cyberattack late last Friday. Fuel shipments resumed late Wednesday, though it could take days for supplies to return to normal after widespread shortages. Markets also assess US DOE inventory data that showed headline crude stocks fell by 426k bbls and hit the lowest levels since February. Elsewhere the IEA yesterday said a crude surplus built up during the pandemic has now been mostly worked off.

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