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WTI & Brent hover around unchanged levels.......>

OIL: WTI & Brent hover around unchanged levels after sticking to a tight range
overnight. The major benchmarks drew support from hopes surrounding Chinese
fiscal stimulus, RTRS reports of renewed oil flows between the U.S. & China, as
well as conflict in Libya on Tuesday.
- This allowed the space to shrug off CNBC reports which noted that "the Trump
administration is leaving itself wiggle room to continue allowing Iran to export
oil, potentially setting up another catalyst for lower crude prices later this
year." N.B. this would be via exemption extensions.
- Tuesday also saw the EIA trim its 2019 U.S. oil growth estimate, with the body
suggesting that 2020 will herald the U.S. arrival as a net exporter of crude &
refined products.
- Reports suggest that the latest API inventory estimate saw a smaller than exp.
headline crude drawdown, with gasoline and distillates exhibiting a larger than
exp. build. The report also pointed to a drawdown at the Cushing hub.
- DoE inventory data provides the highlight today, with the median estimate
looking for a headline crude drawdown of ~1.5mn bbls.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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