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Oil has extended declines from Tuesday in.......>

OIL
OIL: Oil has extended declines from Tuesday in Asia-Pac trade, WTI last down
$0.60 at $55.10 having dropped around $1.50 from high's during European trade on
Tuesday. Oil hit lows of $54.81 early in the Asia session but recovered to
current levels and has moved in a narrow range.
- The initial leg lower in oil came after the IEA reported slowing demand growth
due to milder weather and higher prices. This is contrary to the OPEC report on
Monday which predicted a strong rise in global demand. OPEC members will meet on
November 30 to discuss the output cut.
- Oil took another dip after a surprise 6.51mln bbl rise in API crude inventory
data. DoE inventory data during the session on Wednesday looks for a rise of
3.2mln bbls, if the build was in line with API data it would denote the biggest
build in 9 months.

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