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On Track For Second Day Of Declines

OIL

Oil is lower in Asia-Pac trade, on track for a second day of declines. WTI is down $0.33 from settlement levels at $72.57/bbl, Brent is down $0.36 at $74.32/bbl. Markets continues to assess the chances of an output boost at this week's OPEC+ meeting, a global resurgence in coronavirus cases due to the delta variant has also cast some doubt over short term demand. Ahead of the meeting of the technical committee today data indicates that the market will likely remain in deficit this year if output is kept steady.

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