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Oil Bounces Well on Sizeable Gasoline, Distillates Draw

COMMODITIES

Larger than expected draws in US gasoline and distillate reserves helped oil bounce well ahead of the Wednesday close, after a softer showing in the European morning. WTI and Brent crude futures both managed to gain near 3% apiece, with a resumption of USD weakness also a contributory factor.

WTI narrowed the gap with, but failed to top, the mid-December highs at $49.28.

In metals markets, gold and silver traded well after an uninspiring start to the session. Spot gold built on gains made through the overnight highs of $1872.31, adding around 0.7%. Trading is likely to thin further headed into the final few trading sessions of 2020.

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