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Oil Largely Shrugs Off US Crude Build

OIL

Oil sharply pared gains as US crude inventories showed a huge 10.2mn bbl build last week but is now recovering to levels prior to the data release.

  • Stockpiles of gasoline and distillates, which includes diesel and heating oil, also grew.
  • The build comes even with Keystone out of action, though those figures are more likely to be reflected in next week’s EIA data.
  • The market awaits this evening’s Fed rate rise, where a dovish pivot could support crude markets further.
  • Brent FEB 23 up 1.6% at 81.95$/bbl.
  • WTI JAN 23 up 1.6% at 76.62$/bbl.
Energy BulletsCommodities
Energy BulletsCommodities

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