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Oil has pared earlier gains with Brent crude....>

OIL
OIL: Oil has pared earlier gains with Brent crude trading down to USD62.90/bbl
from a session high of USD63.32/bbl while WTI trades at USD55.90/bbl down from
USD56.36/bbl.
- In the latest sign that tensions with Iran continue to ratchet up, US
President Donald Trump announced that a US Navy ship shot down an Iranian drone
near the Strait of Hormuz. 
- While the possibility of further sanctions and rising geopolitical risk more
broadly have clouded the outlook for supply, concerns about the health of global
demand is a mitigating factor that is weighing on oil prices.
- South Korea's larger oil refiner, Sk Innovation Co. is purchasing a 35% stake
in Malaysian fuel retaler Best Oil Company in order to support international
sales of its fuel products.

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