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Crude Keeps Climbing

OIL

Crude futures continue to rally, breaching the highest levels since May 2019. Futures are up around $0.40 with WTI changing hands at $58.40/bbl and brent consolidating gains above $60/bbl at $61.03/bbl.

  • The mood is positive in Asia-Pac trade with risk assets supported as the US inches towards a bumper stimulus plan.
  • Contrary to yesterday where Vitol and Gunvor sounded a cautious note on oil markets, Trafigura said it sees prices moving even higher as refiners increase processing rates to meet rising demand.
  • Meanwhile, market participants are looking for fresh cues on supply dynamics in the upcoming inventory reports from the API, due later today, and the US DOE, due on Wednesday.

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