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OIL: Crude had initially been pressured on Wednesday after Russia & Saudi Arabia
pointed to spare production capacity to offset the decline in Iranian &
Venezuelan output and exports, and a relatively price negative DOE inventory
report (outside of larger than exp./surprise drawdowns in distillates and
gasoline stocks).
- Libya also indicated that it has spare production capacity, adding additional
- Meanwhile, Russian President Putin pointed the figure at his U.S. counterpart
Trump re: the reason oil prices have moved higher.
- This was before reports that Yemen had fired missiles at Saudi Arabian
soldiers put a bid back into the space.
- It is also worth noting that Russian energy minister Novak suggested that oil
prices may be a little too high already.
- WTI & Brent trade $0.10 or so softer than settlement last.
MNI London Bureau | +44 0203-865-3809 |