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Little Changed In Asia-Pac After Giving Early Gains On Thursday

OIL

Oil is little changed in Asia-Pac trade after closing 1.8% lower on Thursday.

  • After briefly pushing on to fresh YTD highs in London trading on Thursday, crude oil steadily moved lower both before and after US CPI and OPEC's MOMR, with Treasury sell-off and resumption of USD strength in the second half of the NY session adding a further headwind.
  • Oil is on track to end the week little changed ahead of a report from the International Energy Agency that will provide a snapshot of a crude market that’s tightening due to supply curbs. Global markets are heading for a sharp supply deficit of more than 2 million barrels a day this quarter as Saudi Arabia slashes output, according to a monthly report from OPEC on Thursday. (See link)
  • China’s inbound shipments of fuel oil fell from a record set in June as a local bottleneck eased and refiners received a fresh import quota. Imports declined to 330,000 barrels a day in July, down from June’s peak of 432,000 barrels a day. (See link)

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