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Oil Resilient Despite Big Build in Inventories

COMMODITIES

WTI and Brent crude futures headed into the close in minor positive territory despite the headline DoE oil inventories showing an unexpected build of over 4mln bbls in the week ending Nov 6th. Oil remains supported as markets continue to anticipate an extension to OPEC oil output cuts, but the larger than expected draw in gasoline and distillate reserves also contributed.

WTI crude futures remain either side of $41.50, but a break above Wednesday's $43.06 would open the best levels since August and would open $44.33, the August 26th high.

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