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OIL: Crude has managed to edge higher overnight, with WTI & Brent adding $0.70 &
$0.90 respectively at writing
- This comes after reports pointed to a surprise headline crude inventory draw
in the latest round of API inventory data. The same reports also highlighted a
lower than expected drawdown in distillates, while gasoline & Cushing stocks
provided surprise, albeit modest, builds.
- Oil tumbled on Tuesday as U.S. President Trump stood by Saudi Arabia, and he
also stated that he would like to see lower oil prices. Elsewhere global growth
concerns, bumper Libyan output and potential drilling in Alaska conspired
against energy markets.
- Focus now moves to today's DoE oil inventory data.