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US API crude oil stock change: Actual -3.089m (forecast 2.093m, previous -0.747m)
US API CRUDE OIL STOCK CHANGE ACTUAL -3.089M (FORECAST 2.093M, PREVIOUS -0.747M) $MACRO
— Breaking Market News (@financialjuice) December 7, 2021
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WTI Holds Gains After Bigger Than Expected Crude Draw
Oil prices closed higher on the day, but well off the intraday highs, on optimism that the omicron variant may not be as severe as feared, easing concern over the demand outlook. “While there is probably going to be some demand destruction because of omicron, the market priced in a lot worse than what it’s going to be,” said Phil Flynn, senior market analyst at Price Futures Group Inc. “We are getting back to more real fundamentals versus the fear fundamentals we were trading on last week.” Adding to bullish sentiment, the prospect of a deal to unlock sanctions on over 1 million barrels per day of Iranian ... (full story)
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API:
— RD (@BroadStreetOil) December 7, 2021
Crude: -3.089 MM
Cushing: +2.395 MM
Gasoline: +3.705 MM
Distillate: +1.228 MM#OOTT