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WTI has added $0.40, with Brent ~$0.10 better...>

OIL
OIL: WTI has added $0.40, with Brent ~$0.10 better off at writing, as a bid in
the Nikkei 225 supports broader risk sentiment in Asia-Pacific hours.
- Crude lodged marginal losses on Monday, as risk assets continued to struggle.
- As a reminder, OPEC+ nations formally cancelled their April meeting, after the
recent recommendation given by the group's JMMC. Elsewhere, wires revealed that
South Korea & the U.S. will discuss extensions of South Korea's Iranian
sanctions exemption later this week.
- On the supply side, Exxon's Baytown, Texas refinery plans to restart its large
crude unit at some point this week, while LyondellBasell's Houston, Texas
refinery has cut production on the back of the issues surrounding the region's
shipping channel.
- Focus today falls on the weekly API crude inventory estimate.
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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