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Oil Slips Despite Larger-Than-Expected Draw in Stockpiles

COMMODITIES

While both WTI and Brent crude futures hit new cycle highs in the Wednesday session, gains were erased into the close as markets took profits following the weekly DoE report. Despite the headline reading showing a draw in reserves of over 3mln bbls, a sizeable build in both gasoline and distillate inventories countered, sending oil uncharacteristically lower.

Gold and silver were little changed as a muted session for equities provided little direction for precious metals. Spot gold remains pinned between 50- and 200-dmas at $1,866.91 and $1,841.78 respectively.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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