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Stuck In The Recent Range

OIL

WTI and Brent sit just off their respective session lows, $0.20 or so worse off on the day, well within the confines of their recent ranges.

  • Supply side matters were front and centre over the weekend, as both the OPEC Secretary General and Russian Energy Minister continued to push for a more cohesive approach from crude producing nations re: combatting global inventory levels. This took place as more Libyan production capacity came back online and as a Saudi refinery moved into advanced stages of its start up.
  • On the private side of the equation a Vitol Group executive committee member sounded a little more cautious re: the prospects for upward price trajectory for crude when compared to recent comments made by the company's CEO. The committee member noted that "it doesn't feel like we have a huge catalyst," and that demand is more "uncertain."
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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