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Further Gains

OIL

WTI & Brent sit ~$0.20 above their respective settlement levels at typing, building on the recent run of gains.

  • Thursday's OPEC+ JMMC meeting saw the relevant ministers point the finger at producers that have failed to adhere to their respective production caps, but the hard line rhetoric employed by the Saudi Energy Minister stole the show, as he effectively dared oil bears to test the resolve of the group.
  • Elsewhere, Libya's NOC stressed that it will not allow the shutdown of oil output implemented by the country's eastern forces to be used as a bargaining chip.
  • Finally, ~30% of U.S. Gulf of Mexico oil production remains shut in, per BSEE.
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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