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Friday's Rally Extends

OIL

WTI & Brent sit the best part of $1.00 above their respective settlement levels, albeit a little shy of their Asia-Pac peaks. Early trade saw regional participants adjust to Friday's news flow and price action, after a softer USD, news that Saudi Aramco has hiked its OSPs to all buyers and an uptick for the major equity indices on Wall St. combined to support crude at the backend of last week. The benchmarks still sit someway shy of their recent highs, with participants now assessing the chances of the deployment of U.S. SPR stock to fight off the upward momentum in crude, with President Biden stressing that the country has the capability to act after OPEC+ failed to comply with his request re: larger increases in supply last week.

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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