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WTI & Brent stuck to narrow ranges overnight,...>

OIL
OIL: WTI & Brent stuck to narrow ranges overnight, both trading ~$0.20 lower at
writing.
- Wednesday saw crude settle marginally lower, as risk assets struggled for a
chunk of the NY session.
- The ongoing "soft coup" in Venezuela has had little impact on the major crude
benchmarks.
- Reports alluded to a surprise build in headline crude stocks in the latest API
inventory data, with the report also pointing to notable builds in gasoline and
distillate stocks. Reports also signalled a build in stocks at the Cushing hub.
Today's weekly DoE inventory data will provide more interest for participants,
with the median estimate looking for a ~280K drawdown in headline crude stocks,
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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