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WTI & Brent last trade virtually unchanged......>

OIL
OIL: WTI & Brent last trade virtually unchanged vs. settlement levels.
- Reports noted that the latest API crude inventory data showed an unexpected
build in headline crude stocks on Tuesday, with a larger than exp. build in
distillates and larger than exp. draw in gasoline stocks also noted.
- Earlier Tuesday, BBG source reports suggested that Saudi Arabia was
comfortable with oil prices above $80, which supported prices.
- The latest JODI data pointed to lower Saudi crude exports in July vs. June,
alongside a dip in output.
- The upcoming JMMC meeting is at the fore of traders' minds, with reports
noting that the Iranian oil minister will not attend the upcoming summit in
Algiers.
- Elsewhere Venezuelan Pres Maduro stated that the PDVSA will double its oil
production by the middle of August next year (as a reminder the state owned firm
recently received a cash injection from China).
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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