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Crude Lifted After Three-Day Decline

OIL

Crude futures are higher in Asia-Pac trade on Wednesday; WTI last up $0.18 at $59.92/bbl while brent is up $0.27 at $62.97. Futures lost ground yesterday, and the recovery so far today barely makes a dent in the three consecutive days of losses.

  • Data yesterday showed a sizable 7.36m bbl build in US crude inventories, the impact of the build in US crude inventories however was somewhat mitigated by large draws in downstream products, with gasoline inventories and distillate inventories plunging 9.93m bbls and 9.053m bbls respectively. Market participants now look ahead to US DOE inventory data later today.
  • In the meantime, markets brace for the OPEC+ meeting on March 4. OPEC Secretary-General Barkindo sounded a positive note for demand, saying on Tuesday that the economic outlook and oil market continue to improve. There are reports doing the rounds that the consensus view within the coalition is that the market can absorb additional supply.

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