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WTI Lifts Off One-Week Lows After Surprise Crude/Gasoline Draw
Oil closed at the lowest in more than a week amid signs the crude market’s tightness has slackened and the Israel-Hamas war will remain contained for the time being. “Crude is battling the trifecta of headwinds today,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Geopolitical risks are easing modestly, physical indicators are softening and the US dollar is rising. Much of the recent length in the market has been driven by retail buying, which tends to be short-term, event-driven traders.” API Crude -2.688mm (+10k exp) Cushing +513k Gasoline -4.169mm (-300k exp) - biggest draw since ... (full story)