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Marginally Lower

OIL

WTI & Brent sit $0.20 below their respective settlement levels, with the major regional Asia-Pac equity indices also trading lower, while e-minis have lacked a firm sense of direction.

  • This comes after the major crude benchmarks managed to finish a touch higher on Monday, even with questions surrounding demand owing to broader COVID-19 related worry re: New York & London. Geopolitical tensions, most notably in the Middle East, ultimately helped underscore the crude bid, even as equity markets faded on the aforementioned COVID-19 worry.
  • In terms of crude specifics, the latest OPEC monthly report saw the cartel mark down its '20 and '21 global crude demand forecasts, the latest indication of issues on that side of the coin. Elsewhere, reports pointing to a marginal uptick in Libyan crude output and worry re: a relatively imminent uptick in Iranian crude supply were noted.
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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