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WTI & Brent trade around $0.30 higher apiece....>

OIL
OIL: WTI & Brent trade around $0.30 higher apiece.
- This comes after dampened risk appetite weighed on crude early Wednesday, with
spill over from Tuesday's API inventory estimate also applying weight.
- A recovery in risk appetite in NY trade saw the major metrics pare a chunk of
their losses, even as the DoE inventory release revealed a "surprise" headline
crude stock build. The headline build was somewhat lower than the amount seen in
the API estimate, while production witnessed a modest pullback during the latest
week.
- Ongoing tensions in the Middle East also supported crude prices, with focus on
Iran re: the recent sabotage of Saudi vessels.
- On the supply side Russian Energy Minister Novak reiterated that OPEC+
ministers will discuss the progress of the production agreement at this
weekend's summit in Jeddah.
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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