Free Trial

WTI & Brent sit ~$0.20 lower than their.........>

OIL
OIL: WTI & Brent sit ~$0.20 lower than their respective settlement levels, with
the aforementioned risk negative headline flow providing very modest pressure
for crude in Asia hours after Wednesday's impressive rally, which fully reversed
Tuesday's sell off.
- A virtually in line with exp. build in headline crude stocks in the latest
weekly DoE inventory report, which was far shallower than that seen in Tuesday's
API, boosted crude on Wednesday.
- Elsewhere, supply side matters were at the fore. Russian Energy Minister Novak
noted that he is not yet ready to announce his country's stance for the upcoming
OPEC+ meeting. Elsewhere, Russian President Putin noted that the country will
continue to work with OPEC+ to balance the oil market.
- Libyan supply was also in focus on Wednesday, with the NOC confirming that it
currently produces 1.25mn bpd of crude, targeting 1.5mn bpd of production in
2020 & 2.1mn bpd by 2024.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.