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WTI & Brent added $0.60 & $0.30 respectively....>

OIL
OIL: WTI & Brent added $0.60 & $0.30 respectively drawing support from the
drawdown in headline crude inventories in the latest weekly DoE crude inventory
report.
- Looking into the deeper details of the report, Cushing stocks fell by 1.25mn
bbls, with gasoline stocks experiencing a larger than exp. drawdown & distillate
inventories seeing a larger than exp. build. U.S. crude production rose by 0.92%
during the week observed.
- Iranian supply side issues continue to haunt the market, with an FT article
suggesting that "the Trump administration is working to provide alternative
sources of oil to American allies that will be affected because of US sanctions
on Iran, according to a senior administration official."
- CLV8 rolls off of the board on Thursday.
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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