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Oil edged lower overnight, with WTI losing......>

OIL
OIL: Oil edged lower overnight, with WTI losing ~$0.20 and Brent nearly $0.40
worse off on the day as risk sentiment took a hit.
- Thursday saw oil finish higher, with reports suggesting that Saudi would be
cutting export levels to the U.S. pushing crude higher.
- Earlier in the day Iran's oil minister stressed that the country has no
intention of cutting oil outputs after it gained exemption from the latest OPEC+
production cut deal.
- Thursday also saw the release of the latest IEA monthly crude report, with the
agency holding its 2018 demand projection steady, while noting that the trend is
negative. The agency also pointed to an increase in non-OPEC supply in 2019.
- Traders look to 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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