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Oil has been driven by the broader risk flows...>

OIL
OIL: Oil has been driven by the broader risk flows over the last 24 hours, which
have outweighed oil-specific matters. The impending imposition of increased U.S.
tariffs on China has pushed crude back from best levels, although WTI & Brent
still sit above settlement levels, with the latest round of Washington-based
trade talks set to continue on Friday.
- WTI last trades $0.45 above settlement, with Brent $0.35 or so better off.
- On the supply side, Thursday saw Libya's NOC declare that it is targeting
production of 1.4mn bpd by the end of the year (up from circa 1.15mn bpd at the
end of April), while Mexico's PEXEX experienced a pipeline explosion in the
Chiapas region.
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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