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On Track For Best Half-Year Since 2009

OIL

Oil is higher in Asia-Pac trade; WTI is up $0.49 from settlement at $73.47/bbl while Brent is up $0.43 at $75.19/bbl. Heading into month and quarter-end WTI is up some 11% on the month and 25% on the quarter, on track for its best half year since 2009. Data late yesterday showed an 8.153m bbl draw in headline crude stocks, if confirmed by DOE figures later today it would be the biggest decline since January.

  • Markets await this week's OPEC+ meeting, at which the group are expected to further ease their output curbs and boost supply by 550,000bpd. The JTC met ahead of this week's full videoconference, and ended without any specific discussion of an output hike, however the JMMC meeting was moved to Thursday from Wednesday in order to allow for more protracted talks -possibly a sign that a production boost is in the offing.

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