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WTI & Brent have both shed ~$0.30 vs. their.....>

OIL
OIL: WTI & Brent have both shed ~$0.30 vs. their respective settlement levels
after lodging modest gains on Thursday.
- Thursday saw crude retreat from highs despite a smaller than exp. build in
headline crude stocks in the weekly DoE inventory data, which was accompanied by
larger than exp. drawdowns in both gasoline & distillate stocks, a small draw at
Cushing & a downtick in refinery runs.
- CLH0 futures expiry may have also played into price action yesterday.
- Elsewhere, Russia continues to avoid being drawn into any firm commitments by
OPEC+ re: crude production levels.
- Finally Iraq's Oil Minister was the latest to express concern re: the knock on
effects of the coronavirus outbreak.
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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