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Crude Futures Slip

OIL

Oil fell in Asia-Pac trade on Thursday after posting declines on Wednesday, WTI rose as high at $73/bbl before retreating in the US session. WTI last trades down $0.63 from settlement at $71.51/bbl, Brent is down $0.67 at $73.52/bbl. A stronger greenback post-FOMC is a drag on oil, offsetting a larger than expected draw in US crude stocks. Despite weakness into the close, WTI managed to extend the recent winning streak, with Wednesday marking the 15th consecutive session of higher highs -a sequence that hasn't occurred in the contract's history. The second longest winning streak was 13 sessions in 1987. Elsewhere the Saudi Energy Min spoke at the end of yesterday's European session and said that the cautious approach adopted by OPEC+ was paying off, but said the market is not out of the woods yet.

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