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WTI has added $0.20, while Brent trades $0.50...>

OIL
OIL: WTI has added $0.20, while Brent trades $0.50 higher, after crude settled
lower on Tuesday, as a stronger USD & demand worry weighed.
- Reports pointed to a larger than expected headline crude build in the latest
API oil inventory estimate, with larger than expected drawdowns for distillates
and gasoline also reported.
- Tuesday saw Libya's NOC point towards current production of 1.25mn bbl/d.
- Tuesday also drew reports from Energy Intel, who suggested that "OPEC and its
non-OPEC allies are carefully monitoring the oil market as they mull the option
of cutting output in November (after U.S. mid-terms)."
- It is also worth remembering that today is the final trading day for the Dec
18 Brent contract.
- Participants' focus now turns to DoE inventory data.
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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