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Oil Prices Remain Positive Ahead of EIA Report

OIL

Oil prices remain positive for the day ahead of the EIA weekly report at 10.30ET, 15:30 GMT after an earlier sell off.

  • Oil has been supported by prolonged issues with Kurdish oil making it to market since Saturday, impacting around 450,000 bpd and forcing producers to cut production because of limited storage. No resolution has been found yet.
  • Earlier API figures also supported oil indicating a 6mn bbl oil drop in US stocks as well as a 5.9mn bbl drop in gasoline.
  • Brent MAY 23 up 1.1% at 79.49$/bbl
  • WTI MAY 23 up 1.2% at 74.11$/bbl

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