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WTI and Brent crude have stuck to tight.........>

OIL
OIL: WTI and Brent crude have stuck to tight ranges overnight, with both
benchmarks adding around $0.10 at writing.
- Tuesday saw crude settle higher, with U.S. equity indices ticking up as the
broader risk-off theme abated. Focus on several impending contract expiries in
energy futures and options also drew attention.
- OPEC+'s JMMC has revealed that it will meet on 19 May, in Saudi Arabia.
- Venezuela experienced a fresh electricity blackout, which will hamper ports
and refining activity.
- The latest API inventory release had little effect on crude, with reports
pointing to a surprise headline crude build of 1.9mn bbls, in addition to larger
than expected drawdowns in distillate and gasoline stocks, as well as a build in
stocks at the Cushing hub.
- Focus now moves to the weekly DoE inventory report, with the BBG median
estimate looking for a headline crude drawdown of 945K bbls.
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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