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Crude Nudges Off Thursday Lows

OIL

WTI and Brent sit ~$0.20 above their respective settlement levels at typing, after correcting from lows during Thursday's NY session. Thursday's price action wasn't as choppy as what was seen in the equity space, with Brent & WTI shedding over $1.00 apiece come settlement, although the uptick in equities and news that 85% of U.S. Gulf of Mexico production was shut in, per the latest BSEE count, allowed the overmentioned uptick from lows.

  • The previously flagged COVID-19 demand worry surrounding Europe remains, while rumours re: the potential for the OPEC+ group to delay its planned uptick in production is swirling. Kuwait officials noted that the country would support any decision made by the group re: future oil production.
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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