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WTI & Brent both trade around $0.20 higher at...>

OIL
OIL: WTI & Brent both trade around $0.20 higher at writing.
- This comes after WTI closed in bear market territory on Wednesday, with Brent
narrowly avoiding the same fate. The metrics were pressured by large builds in
headline crude stocks, as well as gasoline and distillate inventories, per the
latest weekly DoE inventory report. The figures came on the back of similar
trends in the API data, but far outweighed the levels indicated in Tuesday's API
estimate. The latest DoE inventory data also revealed a build at the Cushing hub
alongside and a record level of weekly U.S. crude production.
- Later on Wednesday OPEC Sec Gen Barkindo noted that OPEC+ producers will take
the current "economic bearishness" into account at its upcoming meeting.
Barkindo stressed that the group remains committed to keeping oil markets
balanced and that the producers will be "unyielding" in their efforts. This
helped crude off of lows ahead of settlement.
- Wednesday also bought news that the Saudi & Russian energy ministers will meet
on June 10.
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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