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Early Hurricane/Storm Bid Unwinds During Asia-Pac Hours

OIL

Crude faded from best levels during Asia-Pac trade, with WTI & Brent trading in line with settlement levels at typing.

  • The latest update from the BSEE noted that energy firms have shut in ~57.6%, (1.07mn bpd), of offshore crude production in the U.S. Gulf of Mexico owing to the hurricane/storm threat in the region. This provided a bid in early trade, which unwound as we moved through Asia-Pac hours.
  • This comes after US$ negated the uptick in U.S. equities on Friday, with the benchmarks settling lower as a result. The softer than expected Eurozone PMI got Friday's downtick in motion, with stronger than expected U.S. PMI readings only providing some brief respite.
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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