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Crude Heavy To Start The Week

OIL

WTI & Brent crude oil futures shed over $4 in early Asia-Pac dealing but have since recovered from worst levels of the day. Note that the impact of a two-stage COVID lockdown in the Chinese city of Shanghai is building on the downward pressure provided via weekend comments from Yemen's Houthi group, as the group noted that it was suspending missile and drone strikes on Saudi Arabia for three days. RTRS have highlighted that the group said the peace initiative “could be a lasting commitment if the Saudi-led coalition fighting in Yemen stopped air strikes and lifted port restrictions.” A reminder that missiles launched by the group successfully struck Saudi oil facilities on Friday of last week.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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