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Crude Futures Slip For Third Day

OIL

Oil is lower again on Thursday; WTI is down $0.46 from settlement levels at $60.88/bbl, Brent is down $0.46 at $64.86/bbl. Crude futures are on track for a third straight loss.

Oil was pressured yesterday after the a tweet from the WSJ that the US is open to easing sanctions against Iran, while the move was exacerbated by US DOE inventory figures showed the first build in stocks in a month. Headline crude stocks rose 594k against expectations of a 3.265m bbl draw. There are also demand concerns as the coronavirus situation in India worsens, Mumbai and New Delhi have both imposed lockdowns, despite a plea from Indian PM Modi to only use lockdowns as a last resort.

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