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Oil Slips on USD Strength, Countering Big Draw in Inventories

COMMODITIES

Both WTI and Brent crude futures gave up early gains to trade lower in the NYMEX close. The weekly DoE crude oil inventories numbers proved bullish, prompting a decent recovery from lows for the energy complex: headline inventories saw a draw of near 10mln bbls, but a build in gasoline stocks and a decent rally in the greenback countered any oil strength.

Gold and silver both traded lower on the day following the over-riding USD strength. Precious metals failed to garner any form of safe haven bid despite soft equities stateside, as the S&P500 opened a decent gap with the all time highs printed earlier in the week.

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

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