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Oil started the week on the front foot, with....>

OIL
OIL: Oil started the week on the front foot, with WTI & Brent each adding $0.70
at writing.
- The risk supportive spill-over from Friday, coupled with a marginally softer
USD has allowed the major crude benchmarks to extend on the gains that they made
in the final trading session of last week, even after the latest DoE inventory
data (released Friday) showed a surprise, albeit marginal, headline crude build,
with gasoline & distillate inventories building by much larger quantities than
were expected, while stocks at Cushing also moved higher. Elsewhere, Baker
Hughes rig count data showed a modest pullback in the number of active U.S. oil
rigs.
- The weekend saw Libya note that it wants to more than double its crude
production by 2021 (compared with current levels).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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