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WTI & Brent have both added around $0.20........>

OIL: WTI & Brent have both added around $0.20 overnight, after ticking higher on
- Asia-Pacific trade saw a broader risk-on theme develop on the back of a RTRS
sources piece which suggested that the U.S. & China are drafting 6 MOUs on key
structural trade issues.
- Wednesday saw the Nigerian President accept the Saudi proposal for lower
Nigerian production. This came after the latest BBG source report indicated that
OPEC+ estimates that compliance to the group's production pact stood 83% in
- The latest API inventory estimate reportedly revealed a smaller than expected
headline crude build, with distillate and gasoline stocks showing smaller than
expected drawdowns, while stocks at Cushing rose.
- Focus now moves to the latest DoE inventory report, due later today. The BBG
consensus looks for a headline crude build of ~2.6mn bbls.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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