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WTI trades around $0.55 below settlement at.....>

OIL
OIL: WTI trades around $0.55 below settlement at writing, with Brent $0.45 worse
off.
- Reports pointing to a surprise headline crude build in the latest API
inventory estimate twinned with a build in gasoline stocks has weighed on the
space. Reports also suggested that stocks at Cushing edged higher, while
distillate stocks reportedly experienced a mild drawdown.
- Elsewhere, the Saudi cabinet has noted that it will do everything it can to
avoid any war re: the recent rise in tensions in the Gulf, and affirmed the
country's commitment to achieving a balanced, stable oil market.
- The date for the restart of Russia's Druzhba pipeline remains an unknown,
while Tuesday saw news that Nigeria's Forcados pipeline was shut on Monday,
owing to a fire nearby.
- The weekly DoE inventory data headlines on Wednesday.
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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