Malcolm Graham-Wood
Independent Analyst
The oil price continued to plumb the depths yesterday although did finish off the worst, WTI had seen its years low and Brent had been sub $40 during the day. The API inventory stats coming out after the close were modestly helpful, showing a draw of 1.6m barrels and crude is up about 5o cents this morning. Even positive news from the EIA, again downgrading US production estimates couldnt rally the market which remains very nervous.
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