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Softer Greenback Allows Crude To Edge Away From Lows

WTI and Brent sit ~$0.10 below their respective settlement levels as we
grind towards European hours, with a softer USD allowing the major
crude benchmarks to recover from worst levels in Asia-Pac hours.
  • COVID-19 matters continue to provide headwinds for the space,
    stalling crude's multi-month recovery, with fresh outbreaks across the
    globe eyed by participants.
  • Elsewhere, in terms of market specifics, Friday saw RTRS sources
    note that "Mexico has asked top Wall Street banks to submit quotes
    for its giant oil hedging program." A reminder that the country's
    hedging scheme is the largest in the world.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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