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Oil has made further losses today, reflecting...>

OIL
OIL: Oil has made further losses today, reflecting in part a pullback from the
recent rally. 
- Brent crude trades at US40.51/b off an intraday high of USD40.94/b while WTI
trades at USD38.12/b down from USD38.6/b.
- Inventory data published by the American Petroleum Institute showed a surprise
increase in stockpiles which contributed to the correction. According to
Bloomberg the report showed an increase in stockpile of 8.4m barrels and has
renewed concerns about excess supply in the global oil market.
- With the demand outlook still uncertain, sentiment remains fragile. Although
OPEC has recently agreed to extend production cuts, there remains concern about
compliance among all of the groups members.

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