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Modestly Higher

OIL

WTI & Brent futures sit ~$0.30 above settlement levels.

  • There is continued focus on the debate surrounding the potential for the U.S. to release some of its SPR holdings. Citi were the latest to weigh in on that particular matter, pointing to the potential for as much as 60mn bbl being released from the SPR.
  • A reminder that the two major benchmarks shed over $2.00 apiece on Wednesday, with the move lower aided by a headline build in crude stocks in the latest weekly DoE inventory data, which went against the headline crude drawdown seen in the API estimates. Elsewhere, a firmer USD applied some weight. We also saw U.S. Sec. of State Blinken suggest that Russia could and should alleviate some of the pressure re: the well-documented energy crunch.
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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