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WTI trades ~$0.40 higher, with Brent ~$0.50.....>

OIL
OIL: WTI trades ~$0.40 higher, with Brent ~$0.50 better off. Crude has drawn
support from the upbeat comments made by U.S. President Trump & his Chinese
counterpart Xi re: trade over the weekend. WTI sits around 40% off of its YtD
high as we head towards 2019, with OPEC+'s production agreement & U.S. shale set
to shape the market through the coming year (not forgetting the potential for
some choice tweets from the U.S. President re: oil prices).
- Friday saw the latest U.S. Baker Hughes oil rig count rise by 2. Elsewhere the
latest DoE inventory release saw a headline crude draw of 46K, with distillates
showing a surprise, albeit modest build, gasoline stocks growing by a larger
than expected amount and stocks at the Cushing hub rising.
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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