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Unwinding Some Of Monday's Losses

OIL

Crude has advanced since Monday's settlement, with WTI & Brent futures sitting ~$0.70 above their respective settlement levels, as e-minis move away from their Monday lows.

  • Crude supply-demand dynamics continue to underpin in the background, with Shell the latest to flag damages to its facilities in the wake of Hurricane Ida, which will hamper production into '22.
  • Broader risk-off flows and an early uptick in the USD (which was subsequently unwound) pressured crude on Monday, with the 2 major benchmarks finishing more than $1.00 lower on the day.
  • The weekly API inventory estimates headline on Tuesday ahead of Wednesday's weekly DoE inventory report.
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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