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Crude Futures Pick Up After Decline

OIL

Crude futures are higher, retracing some of Monday's decline, WTI up $0.44 at $65.49/bbl, brent is up $0.52 at $68.76/bbl.

  • The decline yesterday was attributed to USD rising to a three-month high, offsetting geopolitical risk concerns spurred by an overnight attack on Saudi Arabia oil infrastructure.
  • There could be further pressure on oil, US refineries are resuming operations after the unprecedented cold blast in February, the Total Port Arthur refinery restarted its crude unit earlier in the session.
  • Markets will look ahead to API inventory data; last week crude stocks rose for a third week in the previous period, while distillate and gasoline stocks fell.

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