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Crude Higher but Eases From Highs

OIL

Crude prices remain higher on the day, supported by shipping risks in the Red Sea. However, gains have been moderated after an unexpected build in US crude inventories adds some pressure to prices.

  • WTI has traded between $73.86/b and $75.36/b.
  • WTI FEB 24 up 0.1% at 74.05$/bbl
  • WTI-Brent down -0.31$/bbl at -5.46$/bbl
  • WTI FEB 24-MAR 24 up 0.04$/bbl at -0.23$/bbl
  • WTI MAR 24-APR 24 up 0.04$/bbl at -0.19$/bbl
  • Crude inventories showed an unexpected build with production rising to a new record of 13.3mb/d and with higher imports to offset a slight recovery in exports and a bigger than expected increase in refinery runs.
  • Yemen’s Houthi rebels have vowed to continue targeting ships in the Red Sea despite the planned US-led naval task force to secure the area, according to Bloomberg.

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