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WTI & Brent have shed ~$0.20 apiece after.......>

OIL
OIL: WTI & Brent have shed ~$0.20 apiece after both benchmarks added around
$0.50 on Monday.
- The opening day of the UNGA drew soundbites from the western powers & Iran,
with the most notable development perhaps being the decision of the UK, Germany
& France to lay the blame of the recent attacks on Saudi crude facilities at the
door of the Iranian regime.
- The latest round of EZ PMI data provided the latest round of questioning re:
the demand side of the crude equation, while on the supply side, Russian Energy
Minister Novak confirmed that Russia's September crude output levels will be in
line with OPEC+ production pact compliance.
- The guesswork re: Saudi production continues, with the latest RTRS sources
piece, released Tuesday, suggesting that "Saudi Arabia has restored more than
75% of crude output lost after attacks on its facilities and will return to full
volumes by early next week."
- API inventory data and the ongoing UNGA will draw interest on Tuesday, with a
particular focus on U.S. President Trump's formal address.
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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