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Market shrugs off inventory drawdown

Oil prices have seen choppy dynamics on Wednesday, February 10, with Brent off 0.03% at $60.84/bbl, and WTI up 0.03% at $58.21/bbl.

Oil prices on Wednesday brushed aside the bullish EIA report, which registered a 6.64 mn bbl drawdown compared to an expected build of 985,000/bbl. Market sentiment may have been dampened by a difficult telephone conversation between US President Joe Biden and Chinese President Xi Jinping, as a result of which both sides stuck to their hardline positions.

Crude prices have extended mild losses on Thursday morning as Brent has eased 0.07%, while WTI is trading 0.03% in the red. Our Brent price forecast for today is in the range of $60.5-62/bbl.

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