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Crude Lower As Demand Concerns Weigh

OIL

Oil is lower to start the week, initially moving higher but retreating as the session wore on. WTI is down around $0.18 from settlement levels at $61.97/bbl, Brent is down $0.25 at $65.86/bbl.

  • Markets look ahead to the OPEC+ meeting on Wednesday this week, there had been discussions that the meeting could be downgraded from a full-scale ministerial meeting, but it appears it will go ahead as scheduled.
  • Elsewhere, the preliminary signs of strain in India are starting to show; Mangalore Refinery & Petrochemicals has reduced its processing rates, while Bloomberg reports Indian Oil has so far failed to issue an expected tender to purchase West African crude further stoking demand concerns.
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