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U.S. crude build expected for third straight week

Published 02/06/2019, 04:27 AM
© Reuters.  U.S. crude build expected for third straight week
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  • Oil traders have plenty to digest as the market continues to shift under their feet.
  • Cargo-tracking firm Kpler reported crude shipments to the U.S. from OPEC and its partners fell to a five-year low 1.41M barrels a day in January. The firm noted shrinking Iraqi imports and deep output cuts by Saudi Arabia contributed to the decline.
  • Meanwhile, the American Petroleum Institute is reported to have said that a U.S. crude supply build of 2.51M barrels of oil is expected for the week ending February 1. The weekly U.S. crude stock build would be the third consecutive if EIA data confirms it later today.
  • In early action, WTI crude oil futures -0.3% to $53.51/bbl and Brent crude -0.3% to $61.79/bbl.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, OILD, OILU, USAI
  • Now read: A Great Month For (Some) Oil And Gas Investors


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