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Oil has edged back from settlement levels.......>

OIL
OIL: Oil has edged back from settlement levels overnight, with Brent & WTI both
~$0.50 lower at writing.
- This comes after crude drew support from comments made by Saudi Energy
Minister Al-Falih on Wednesday, as he failed to rule out further additional
OPEC+ production cuts if required. The soothing Fed rhetoric, ensuing softer USD
& optimism re: U.S.-China trade relations (that faded a touch in Asian hours)
also lent support Wednesday.
- Worth highlighting that the latest weekly DoE inventory data, released
Wednesday, revealed a smaller than expected headline draw in crude stocks, while
distillate and gasoline stocks exhibited larger than expected builds (with a
degree of seasonality factored into the product builds).
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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