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Oil Slips After Inventory Related Gains

OIL

Oil has slipped in Asia, WTI last down 0.48% at 48.17, Brent down 0.50% at 51.37. Oil rose around 0.8% yesterday after larger than expected draws in inventories were posted at weekly DOE data.

  • Oil markets are fighting the conflicting influences of a spike in coronavirus cases globally and hope that vaccine roll outs can accelerate the return to normality.
  • The OPEC+ group looks likely to increase output by 500k bpd from January, while Russia's deputy prime minister said last week Russia would be supportive of additional gradual increases in February. The OPEC+ group will meet next week to make a decision on February output levels.
  • Government officials from Saudi Arabia and Russian reiterated commitment to OPEC+ agreement to support oil market stability at a Saudi-Russian Joint Governmental Committee for Commercial, Economic, Scientific and Technical Cooperation.

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