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The uptick in risk appetite evident in Asia.....>

OIL
OIL: The uptick in risk appetite evident in Asia hours ultimately did little for
crude, with the major benchmarks relinquishing either all of, or a chunk of,
their respective post-settlement gains on the familiar double edged supply and
demand backdrop, after the both Brent & WTI settled little changed on Thursday.
- WTI last -$0.15, Brent +$0.50.
- A reminder that Thursday saw a statement issued by top-level Saudi & Russian
energy officials, noting that the two were ready to take measures with other
OPEC+ members on the oil market, if necessary, while stressing their commitment
to the recently agreed global production pact.
- That came after the latest monthly OPEC oil report saw the cartel slash its
global oil demand forecasts for 2020.
- Elsewhere, several source reports pointed to Saudi giving full volume
allocations to at least 3 Asian customers in the month of May.
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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