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Just Above Settlement Levels

OIL

WTI & Brent crude futures sit ~$0.10 above settlement levels after showing a lack of lasting/notable reaction to roughly in line with exp. drawdowns across the headline crude, Cushing and gasoline stock inventories in the weekly API report. Distillate stocks saw a modest build in the same report.

  • A reminder that crude came under some modest pressure on the broader risk-negative backdrop that we outlined on Tuesday, with some respite on the back of U.S. economic data, before fading again as we moved through the NY day.
  • The weekly DoE inventory report provides the point of focus on Wednesday.
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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