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1.Market Observations, 8.Was Sticky

30 Nov 2018 (AFR) – Oil holds losses while glut looms

(30 November 2018, AFR, p31, by Heesu Lee)

‘Oil held near the lowest level in a year as Russia signalled little urgency to commit to supply cuts, while US crude stockpiles continue to grow. Futures were up 0.7 per cent in New York, after sliding 2.6 per cent in the previous two sessions. Just days before talks on oil policy with Saudi Arabia, Russian President Vladimir Putin said current prices are “absolutely fine”, while Saudi energy minister said the kingdom is confident OPEC and its partners can reach a deal to stabilise the market. US crude inventories rose for a 10th week, government data shows. Crude has crashed into a bear market after America’s surprise…’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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