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Crude trades back from early Asia-Pac highs.....>

OIL
OIL: Crude trades back from early Asia-Pac highs as more widespread, regional,
virus-related worry overtook the initial optimism that surrounded the moderation
in the Chinese daily new virus case count (which was based on methodological
changes). That being said WTI still sits around $0.20 higher than settlement on
the day, while Brent sits a few cents above its own settlement level.
- Reports have pointed to a larger than exp. headline crude build in the latest
weekly API inventory estimates, alongside a surprise drawdown in gasoline
stocks, a deeper than exp. drawdown in distillate stocks & a build at Cushing.
- Elsewhere, OPEC+ ministers have reportedly been sent invitations that point to
an "as was" March 5-6 gathering in Vienna, a sign that Russia has held out
against the calls to roll the meeting forwards.
- There were also BBG source reports pointing to a much higher degree of alarm
evident in the Saudi Energy Minister's latest address, per people that attended
the event.
- Finally, tensions in Libya & Venezuela continue to be eyed, while the
resumption of production at Exxon's Baton Rouge refinery remains in question.
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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