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Oil prices have rallied his morning with........>

OIL
OIL: Oil prices have rallied his morning with Brent crude trading up to
USD63.368/bbl up from a morning low of USD62.40/bbl and holding near the highs
of the day. WTI trades at USD55.49/bbl up from USD54.11.
- There is no sign yet of a material de-escalation of US-Iranian tensions. In
the aftermath of the recent oil tanker attack, Iran has said that it has shot
down a US spy drone that entered its airspace. 
- According to official data US oil inventories fell by 3.1 million barrels last
week, exceeding market expectations. The stock reduction has compounded the
impact on oil prices from rising geopolitical risks. 
- OPEC have agreed to meet over July 1-2 in Vienna and are expected to extend
production cuts for the rest of the year. The big three - Saudi Arabia, Iraq and
the UAE - are all keen to contain supply in the face of weakening demand.
Energy BulletsCommodities
Energy BulletsCommodities

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