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New Highs

OIL

WTI & Brent sit $0.50 above settlement levels, building on yesterday's modest gains, extending to fresh multi-month highs during Asia-Pac trade as the USD traded to fresh cycle lows.

  • Wednesday saw the weekly DoE inventory report reveal a deeper than expected headline drawdown in crude stocks vs. a surprise build in the API readings, with marginal builds seen in distillate, gasoline and Cushing inventories.
  • There was little else of note for the space, with broader focus falling on the final FOMC decision of the calendar year and the fiscal situation in DC.
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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