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Prices Continue To Range Trade As Demand And Supply Uncertainties Continue

OIL

Oil prices dropped during today’s session after US API data showed an increase in crude oil stocks of 4.52mn barrels. They have now edged back towards session highs on better sentiment in Asian equity markets.

  • Oil continues to range trade with WTI now trading just under $85 after falling to $84.38 and Brent is around $93 after reaching $92.33. Both benchmarks are off their closing levels overnight.
  • The details of the API report on US inventories are published tonight and should shed some light on distillate stocks, which are very low.
  • The spread between the two nearest Brent contracts, the prompt spread, has declined to $1.71/bbl from over $2 on Monday. This is still indicates a bullish market but less so than it was.

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