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Oil market lapses into consolidation on conflicting news

Oil prices closed higher on Wednesday, May 26 amid sluggish upward price action.  Brent rose 0.37% to $68.57/bbl, while WTI gained 0.27% after retracing to a local high of $66/bbl.

Yesterday’s EIA petroleum status report showed a drawdown in crude inventories, giving the market a boost. US crude oil stockpiles fell by 1.66 mln bbl vs. the consensus forecast that called for a 1.05 mln bbl draw.

That said, expectations of increased oil supplies from Iran kept the market under pressure, with Brent off 0.57%, and WTI down 0.56% this morning. In line with our forecasts, the Brent price will continue to fluctuate today in the same range of $68-69/bbl.

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