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WTI Higher But Eases on Gains

OIL

WTI continues to trade higher on the day amid higher-than-expected US crude stock draws, but has relinquished some of its earlier gains.

  • Brent MAR 24 up 0.6% at 80.05$/bbl
  • WTI MAR 24 up 0.9% at 75.05$/bbl
  • WTI reached an intraday high of $75.82/b at 16:57 GMT (11:57 ET)
  • A weaker dollar, signs of stimulus for the Chinese economy, and Middle East tensions also remain supportive.
  • Crude initially surged after EIA data showed that US crude stocks fell by 9.23m bbl in the week to Jan. 19, compared to a Bloomberg survey expectation of 0.908m bbl.
  • Crude production was also down 1m bbl.

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