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Russia Production Threats Fuel Oil Markets Higher


Oil prices are finding further strength this morning after earlier comments by Russia’s Novak that the country could cut production by 500,000-700,000 bpd next year in response to western sanctions.

  • Oil has seen a gain of more than 5% this week even as Chinese demand concerns have surfaced again.
  • US crude stocks showed a decline in this weeks EIA report, while stockpiles in the Middle East and Europe also trended downwards providing earlier support for crude mid-week.
  • Brent FEB 23 up 1.9% at 82.52$/bbl
  • WTI FEB 23 up 1.9% at 78.97$/bbl

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