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Crude Nudges Lower

OIL

WTI & Brent futures sit ~$0.30 below their respective settlement levels after Thursday saw the benchmarks shed ~$0.90 & ~$1.20 apiece. Both metrics operate comfortably above their respective Thursday lows.

  • To recap, the initial cooling in the bid in U.S. equities allowed crude to ease from best levels on Thursday, before a firmer USD came to the fore, adding fresh pressure even as equities recovered from lows. Most attributed at least some of the move to a little bit of exhaustion after the recent rally to fresh cycle highs. Note that the move in U.S. breakevens may have aided crude's recovery from lows late in the day.
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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