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Rally Pauses

OIL

Crude futures are in negative territory in Asia, oil managed to squeeze out gains yesterday after seeing losses early on. WTI is down around $0.37 at $58.31, brent is down $0.41 at $61.06. Yesterday US DOE stockpile data showed headline inventories declined by 6.65m/bbls against estimates for an 800k/bbl draw. The data showed that in downstream products gasoline stocks rose for the third consecutive week to the tune of 4.3m/bbls. News flow in Asia has been light with many markets away for LNY.

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