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OIL
OIL: WTI trades $0.30 or so lower at writing.
- OPEC convenes for the final day of its Vienna summit with prospects of a
production cut that will appease fears of a supply glut seemingly diminished.
- Numbers touted by various oil ministers on Thursday did little to support
prices, with the likes of Venezuela, Libya & Nigeria seemingly pushing for
exemptions from the deal. Also worth remembering that Russia's degree of
participation is in question. Ultimately, the Saudi Arabian energy minister
Al-Falih noted that he is not confident of a deal being made today, although he
remains hopeful.
- The latest round of DoE data revealed a much larger than expected headline
crude inventory drawdown of ~7.3mn bbls on Thursday, well out of line with the
notable build in this week's API inventory release. Stocks at Cushing rose,
while distillate and gasoline stocks also built, as the U.S. became a net crude
exporter.
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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