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Drivers for the Pullback in Oil Prices

COMMODITIES
  • Uncertainty over China demand: updated manufacturing and non-manufacturing PMIs for May due out tomorrow.
  • Supply focus remains on the OPEC+ meeting at the weekend as some countries, such as Russia and Iraq, have suggested no changes to production targets are currently planned.
  • Physical supply remains ample - the June-July WTI cash roll has slipped, signalling low near-term demand and therefore sufficient physical supply at present prices. Contango has also deepened for the front of the WTI futures curve, reinforcing this view
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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