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Crude Futures On Track For Third Day Of Decline

OIL

Oil is slightly lower in Asia-Pac trade on Wednesday, struggling for gains after falling on Tuesday. WTI is down $0.10 from settlement at $70.46/bbl while Brent is flat at $72.41/bbl. Crude futures were heavy yesterday despite reports that Iranian-backed forces were believed to be behind the seizure of the tanker the Asphalt Princess in the Gulf of Oman, with an armed group in control of the vessel. With the situation remaining unstable, markets will likely keep watch of the situation, which may be arresting any downside pressure on energy products. Elsewhere data late Tuesday from API showed US crude stocks fell 879k bbls while gasoline stocks fell 5.75m bbls, official DOE numbers are due later today.

Energy BulletsCommodities
Energy BulletsCommodities

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