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WTI & Brent crude futures sit a handful of......>

OIL
OIL: WTI & Brent crude futures sit a handful of cents below their respective
settlement levels at writing. This comes after both metrics settled a touch
lower on Monday.
- "Barry" continues to limit U.S. production, with ~69% of the Gulf of Mexico's
capacity shut in, based on the latest BSEE estimate, although upon initial
inspection, the damage caused seems to be more limited than was anticipated.
- The latest round of Chinese economic data also clouded the outlook on Monday,
and managed to elicit mixed responses from market participants. Record crude
throughput levels out of China during the month of June were also highlighted.
- Elsewhere, the EIA's latest forecast suggested that crude-oil production from
seven major U.S. shale zones will climb by 49K bpd in August, to hit 8.546mn
bpd.
- The latest API crude inventory estimate headlines on Tuesday.
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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