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Crude Slips on Economic Backdrop

OIL

Crude slips to session low as yesterday’s rally failed to hold.

  • Bearish remarks from Jerome Powell about additional rate rises in the US and signs of weakness out of China are weighing on the market this week.
  • API figures showed a crude draw of 1.2mn bbls for US stocks last week while the EIA will release its report at 16:00BST with expectations of crude stocks remaining largely unchanged according to a Bloomberg survey.
  • Brent AUG 23 down -0.8% at 76.54$/bbl
  • WTI AUG 23 down -0.7% at 72$/bbl

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