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Oil benefitted from the uptick in risk..........>

OIL
OIL: Oil benefitted from the uptick in risk appetite apparent through Wall St.
hours on Thursday, although risk appetite has dampened overnight, leaving WTI &
Brent $0.70 & $0.50 lower respectively last, as worries centring on U.S.
earnings and the Chines yuan weighed.
- Thursday saw OPEC's JMMC note that economic uncertainties may result in a
change of course, as OPEC+ mulls options for its 2019 output goals.
- Elsewhere Russian energy minister Novak suggested that the oil market is
currently in balance, although he acknowledged volatile inventory levels.
- Saudi energy minister Al-Falih stated that U.S. crude production is set to
grow at a faster pace than he anticipated.
- Thursday also bought comments from the IEA, as the body suggested that OPEC
should boost production.
- Participants await the latest Baker Hughes rig count data, due later today.
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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