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WTI & Brent have added over $1 since Friday's...>

OIL
OIL: WTI & Brent have added over $1 since Friday's settlement, with the former
breaking back above $30.00. A few price supportive matters became evident at the
back end of last week:
- Positives from the likes of Russia & Nigeria re: crude production cuts.
- ADNOC pointing to a tightening in oil markets in recent weeks.
- Oman suggesting they were willing to over-comply with production cuts (albeit
marginal in the grand scheme of things).
- The bounce in U.S. equities will have helped.
- A continued dip in the U.S. Baker Hughes rig count.
- An Energy Intelligence source report suggesting the global production pact
could be extended through year end.
- The Saudi flotilla heading towards/circling the U.S. presents re-ups the risk
re: short-term storage dynamics, although some are already more optimistic on
the fundamental outlook than they were just a few short weeks ago.
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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