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Prices Range Trading In Thin Liquidity


Oil prices have continued range trading today in a band of close to half a dollar in thin liquidity as we approach year end. Brent is trading around $80/bbl and WTI $76.20.

  • US API data showed a 3.1mn bbl drawdown in crude inventories after a 7.82mn build the week before, which has helped to support prices during the APAC session. There was a 4.5mn bbl build in gasoline stocks and 3.4mn of distillate. US EIA inventory data is released later today.
  • US inventory data added to supply concerns after Russia’s seaborne oil exports sank in the first week after the G7 price cap came into effect. But recession fears continue to weigh on crude prices.
  • The focus later is on Canadian inflation and US consumer confidence and home sales. US EIA inventory data is also released. On Friday, US personal consumption data which includes the Fed’s preferred measure of inflation for November, the core PCE – price index, prints.

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