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STILL SUPPORTED

OIL

Oil prices have edged lower today but remain supported by encouraging signs of a recovery in global economic activity.

  • Brent crude trades at USD44.86/b, 11c off the session low, while WTI has edged down to USD42.13/b from a morning high of USD42.57/b.
  • The IEAs demand outlook cut has let some of the steam out of the oil rally, but positive signs emerging from US consumption data, as well as tentative signs of a global economic recovery, continue to buoy the oil market.
  • According to Ursa Space Systems data, Chinese crude inventories have increased to 71% of capacity this week. The inventory include strategic petroleum reserves.

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