The API survey dampens sentiment
Crude prices remained at 69 $/b for the September ICE Brent contract, as the API survey showed stock builds in the US, whereas the market…
Brent prompt future contract corrected lower, at 63 $/b, as demand-side worries emerged. The US dollar continued strengthening also lowered crude prices. Finally, the anticipation of an OPEC supply hike appears increasingly certain, potentially pushing crude oil in a market with limited refining demand thanks to the slow recovery of Texan refineries and slowing demand in Asia due to turnaround season.
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