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WTI & Brent trade around unchanged levels at....>

OIL
OIL: WTI & Brent trade around unchanged levels at writing, after sticking to a
tight range overnight, consolidating Friday's move higher, which was facilitated
by a strong U.S. NFP headline reading & ISM M'fing print.
- Friday also saw the latest OPEC survey, compiled by BBG, point to the largest
monthly fall in cartel crude production in 2 years. Saudi led the way, as exp.,
as the Kingdom's voluntary cuts helped push OPEC wide production down to 31.02mn
bpd, according to the survey.
- Looking elsewhere, Friday also revealed that Iraqi crude exports averaged
3.649mn bpd in the month of January.
- U.S. drillers trimmed the number of active rigs according to the latest weekly
Baker Hughes rig count, with active oil rig falling by 15 to 847.
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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