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Oil held lower overnight, but recovered from....>

OIL
OIL: Oil held lower overnight, but recovered from worst levels, aided by a
slightly softer USD.
- Sentiment was dented with trade war & EM worry being compounded by a reported
build in inventories at the Cushing hub, with headline crude inventories
reportedly showing a slightly smaller drawdown than exp. in the latest API crude
inventory estimate.
- Reports late Tuesday suggested that Iraqi protesters have blocked the gates of
the country's major oil exporting terminal of Umm Qasr.
- Platt's reported that the UAE is ramping up output from its offshore Umm Lulu
oil field to help boost its overall production to nearly 3mn b/d.
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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