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Tight ranges for the major crude benchmarks.....>

OIL
OIL: Tight ranges for the major crude benchmarks in Asia hours, with both WTI &
Brent printing ~$0.10 above their respective settlement levels at writing, a
little shy of their respective Friday peaks.
- The Saudi Aramco IPO took focus over the weekend, and the bookbuild points to
an IPO that would value the firm at $1.6-$1.7tn, which is shy of the Saudi royal
target of $2.0tn. This was also accompanied by a loosening of leverage control
surrounding retail names looking to participate in the IPO, per BBG sources,
after several reports pointed to disappointing international demand for the
offering.
- Looking back to Friday, the IEA left its 2019 & 2020 forecasts re: oil demand
growth steady, while the latest Baker Hughes rig count data pointed to 10 fewer
active U.S. oil rigs in the most recent sample week.
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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