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Crude Futures Tread Water

OIL

Oil is flat in Asia-Pac trade, struggling for direction in a quiet session. WTI is down $0.01 from settlement levels at $73.07/bbl while Brent is down $0.03 at $75.16/bbl. At these levels both benchmarks are hovering around cycle highs. Ata yesterday showed headline crude stocks fell more than expected at 7.614m bbls, while gasoline stocks also saw a draw. Focus now shifts to the upcoming OPEC+ meeting in Vienna next week. The group's delegates meet on July 1st, with recent reports suggesting the group could up daily output by a further 500,000bpd - still a relatively small move given the IEA's forecast that Q4 oil demand will hit multi-year highs of 100mln bpd in Q4. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said yesterday that OPEC has a role in taming inflation, which could indicate further supply will hit the market.

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