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Little Changed After Recovering From Lows On Monday

OIL

WTI & Brent sit a handful of cents higher vs. their respective settlement levels but have stuck to confined ranges during Asia-Pac hours. This comes after the crude oil benchmarks bounced from their intraday lows alongside equities on Monday, but still settled over $1.00 below Friday's levels. Monday's recovery from lows was further aided by RTRS sources reports suggesting that "OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise." More broadly, COVID worries in China and general headwinds for the reflation/re-opening narratives are limiting the upside for crude at present.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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