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    Oil strengthens in Asia, ignores US inventory data Omkar Godbole

    Oil prices at both the sides of the Atlantic strengthened in Asia as investors focused on Saudi Oil minister’s bullish comments on oil.At the time of writing, Brent was up 0.80% or 42 cents at $50.30/barrel. WTI oil was up almost 1% or 47 cents at $49.60/barrel.Prices had dropped below $50.00 levels in the NY session after the data from the US Energy Information Administration (EIA) showed only a modest drawdown in crude stocks and a jump in gasoline stocks. Gasoline stockpiles printed at 237.6 million barrels for the week ending Jun 16, up 0.1%.However, prices moved back above $50.00 handle on prospects of falling supply glut. Saudi Arabia’s energy minister said in a newspaper interview published yesterday that the global oil supply glut is history. “We are out of it. The oversupply has disappeared,” said Khalid Al-Falih.The bullish comments are likely to keep oil prices on the front foot. However, Brexit could play a spoil sport.


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