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    Oil drops on inventories

    Oil benchmarks have dropped following this afternoon’s DOE inventory release which showed a smaller than expected decline. The decrease of 0.9 million  barrels was higher than the 1.3M expected and inline with last week’s print. 

    This contrasted last night’s API data which showed a large drawdown of 5.2 million and provided a boost to oil prices

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     More due to the relatively high print compared to the API data than today’s expectations Brent oil has sold quite aggressively following the release. The market was at 50.85 when the data was released and has subsequently dropped approximately 80 ticks int he 45 minutes following. 


    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

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