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WTI Crude Selloff Extends Through Week's Lows

OIL
  • Seeing a decent dip lower in WTI crude futures in recent trade. Crude prices had been edging lower on the day amid a larger-than-expected build in US stocks and a slight easing in geopolitical risk concerns. WTI price momentum has been spurred on through the weeks lows around $84.00, now sitting at the lowest level since April 01.
  • Geopolitical risk premium has been reduced given the lack of tangible impact to flows despite ongoing tensions. Our commodities team note the premium had been seen at around $5/b earlier in the week.

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