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WTI trades ~$0.20 lower, with Brent ~$0.10......>

OIL
OIL: WTI trades ~$0.20 lower, with Brent ~$0.10 lower at writing.
- The weekend saw the Russian finance minister Siluanov suggest that the
cessation of the OPEC+ production pact could result in oil prices plummeting
below $40/bbl. Siluanov also highlighted the trade-off that OPEC is making
through its production cuts, i.e. ceding market share to the U.S.
- Looking elsewhere, Iranian Oil Minister Zanganeh suggested that U.S. President
Trump needs to choose between pressuring Iran (via sanctions on trading
partners/importers of the country's crude) and lower gasoline prices at home,
noting that the global oil market is in a very fragile state.
- Finally, Friday saw the latest Baker Hughes rig count data reveal an increase
of 2 operational oil rigs vs. the previous week.
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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