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WTI & Brent sit ~$0.40 above their respective...>

OIL: WTI & Brent sit ~$0.40 above their respective settlement levels at typing,
after a continued focus on the supply overhang pressured crude futures on
Tuesday, as liquidity returned to normal levels as the Europeans returned from
their Easter break. Focus continues to fall on the deepening contango structure
of the respective benchmark crude curves, even as the Saudi Energy Minister
tried to present an upbeat view across a couple of press interviews.
- Crude hit session lows around settlement time on Tuesday, before edging higher
into the close, so current price levels actually represent a slight downtick
during the overnight session, with the major regional equity indices and U.S.
equity index futures struggling for any notable upside impetus during Asia-Pac
- The latest round of weekly API inventory estimates had little impact on
prices, even with reports pointing to larger than expected builds in both
headline crude distillate stock metrics and a chunky build at the Cushing hub.
Suggestions were that the gasoline measure saw a shallower build vs. exp.
- DoE inventory data headlines Wednesday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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