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Crude Futures Pressured Further

OIL

Oil is on track to decline for a second day; WTI down $0.46 from settlement levels at $62.21, Brent is down $0.44 at $66.13/bbl. WTI dropped sharply yesterday as markets assess demand concerns as coronavirus cases surge in several countries including India and Japan. Also sapping demand were reports that the US House Judiciary Committee passed a bill opening OPEC to Antitrust lawsuits over production costs, the so-called 'NOPEC Act'. Data from API yesterday showed headline crude stocks rose 463k bbls last week, but downstream stocks declined with gasoline stocks some 1.6m bbls lower. Markets look ahead to US DOE inventory data later.

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