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Oil prices spike on inventory drawdown

Crude futures traded resolutely to the upside on Wednesday, April 14, with Brent surging 3.8% to $66.01/bbl, closing in on levels seen in early March, while WTI soared 4.1% to $62.86/bbl.

US crude inventories fell by 5.9 mln bbl over the past week, although the market expected a decline of no more than 2.9 mln. This contributed to the oil rally, which was further fueled by Saudi Arabia’s harsh rhetoric about Iran and statements by Yemeni Houthis that they have allegedly unleashed a new attack against Saudi Arabian oil facilities.

This morning, the rally has moderated as Brent is down 0.13%, having failed to hold the local high of $66/bbl, while WTI is hugging the flatline. Our Brent price forecast for today is in the range of $64.5-66/bbl.

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