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The Demand-Supply Question Remains In Balance

OIL

WTI & Brent last print $0.10-0.20 higher on the day, after the benchmarks shed around $0.70 apiece come settlement time on Wednesday, with worries re: fiscal impasse in the U.S. a little more lingering than what was seen in the equity space.

  • Meanwhile, in crude specific news, the Cushing hub saw an uptick in inventories, per the latest DoE report (alongside an uptick in refinery runs).
  • Elsewhere, the latest BSEE count pointed to 80% of U.S. Gulf of Mexico crude production being shut in.
  • We also saw a continuing impasse in Norway, with union talks dragging on there, threatening oil production.
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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