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Oil Slips on Sizeable Build in Gasoline Inventories

COMMODITIES
  • WTI and Brent crude futures added to recent losses Wednesday, slipping after the weekly DoE crude oil inventories showed a surprisingly large build in gasoline inventories - with stockpiles rising by 696,000 bbls, against an expected draw of over 2.3mln bbls.
  • This countered both the crude oil and distillates headlines, which both showed larger draws on inventories than forecast.
  • WTI and Brent edged lower by around 1% apiece, with the WTI-Brent spread widening slightly as the latter continues to receive some modest support from instability across the Middle East.
  • The greenback added to Tuesday gains, with the USD index hitting the best levels since April - this weighed on precious metals, with both gold and silver slipping into the red.
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