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Oil trickles higher again

  • Oil prices are up slightly again after finishing yesterday not far from six-month highs when traders digested data showing U.S. crude stockpiles surged to their highest levels since October 2017. The supply read alleviated some fears of tight supply due to the OPEC output cuts and recent U.S. sanctions on Venezuela and Iran.
  • "We still expect oil prices to fall this year as sluggish global growth weighs on oil demand, U.S. shale output grows strongly and investor aversion to risk assets like commodities increases," forecasts Capital Economics.
  • In today's early action, WTI crude oil futures +0.2% to $66.04/bbl and Brent crude +0.9% to $75.21/bbl.
  • ETFs: USO, UNG, OIL, UGAZ, UWT, DGAZ, UCO, DWT, SCO, BNO, BOIL, DBO, UGA, DTO, USL, KOLD, UNL, OLO, DBE, UHN, SZO, OLEM, RJN, OTC:GRN, WTIU, FUE, OILK, OILX, WTID, JJE-OLD, USOI, UBN, USOU, GAZB, USOD, OILD, OILU, USAI

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