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WTI Holds Gains After API Reports Small Crude Inventory Draw
Despite weak US macro data, oil prices rebounded from yesterday's China-driven drop today amid risk-on sentiment in broader markets and signs that Russia is making good on its pledge to curb supplies. "Supply concerns could continue to support an uptrend in the market over the medium term as traders could remain cautious in the face of potential new intervention from OPEC+ to balance prices," Denys Peleshok, head of Asia at CPT Markets, said in a note. "However, demand concerns could remain the center of attention for traders and could create some uncertainty and fuel some volatility and price corrections. In ... (full story)
Added at 4:44pm
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APIs:
— Andrew Atwal (@andrewatwal) July 18, 2023
Crude -800K
Cush -3M
Gasoline -2.8M
Disty -100K#OilAndGas #CrudeOil #OOTT #Oil #Gasoline #API