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WTI and Brent crude have traded close to flat...>

OIL
OIL: WTI and Brent crude have traded close to flat on the day and continue to
hold near the highs of the year. 
- Bullish positioning continues to build on the back of expected output cuts.
Combined Bret crude and WTI net long speculative positioning is now running at
the highest level since November.
- Saudi Oil Minister Khalid Al-Falih indicated that supply difficulties in
Venezuela and Iran have not changed his view on the need for output cuts across
OPEC.
- Striking a more cautious note, Russian Energy Minister Alexander Novak warned
that uncertainty over Venezuelan and Iranian production has clouded the
near-term outlook. 
- Reflecting this uncertainty, OPEC is said to be considering scrapping the
extraordinary meeting pencilled in for April as it would be too soon to finalise
the decision on output cuts.

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