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Still Ticking Higher

OIL

WTI & Brent sit a little over $0.40 above their respective settlement levels, with the former building on its first foray above $70.00 since late '18. The latest weekly API oil inventory estimates delivered a roughly in line with exp. draw in headline crude stocks, larger than expected builds in both gasoline and distillate stocks, as well as a modest drawdown in stocks at the Cushing hub. A reminder that Tuesday saw the EIA alter its U.S. crude oil production estimate for '21 to -230K bpd vs. '20 levels vs. a previous -290K bpd. The weekly DoE crude inventory data headlines on Wednesday.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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