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Crude Futures Under Pressure

OIL

Oil is lower in Asia on Wednesday but still inside yesterday's range after a flat finish on Tuesday; WTI is down $0.21 from settlement levels at $65.86/bbl, Brent is down $0.17 at $68.48/bbl. Data late yesterday from API showed headline US crude stocks fell by 439k bbls, while gasoline stocks fell 2m bbls, and crude stocks at Cushing fell 1.2m bbls. Talks between Iran and world powers continue in Vienna, E.A. Gibson Shipbrokers estimate Iran could have up to 69m bbls of crude in tankers at sea. Elsewhere Nigeria signed a deal for investment in an offshore oil field with Shell, Exxon, Total and Eni for a production sharing contract which could take capacity at the field to around 350k bpd from 200k bpd currently.

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