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Bears shrug off crude oil inventory draw

Oil prices corrected downward, capping a multi-day rally on Wednesday, June 16. As a result, Brent dropped 0.53% to $73.37, while WTI slipped 0.83% to $71.55/bbl, failing to hold at the recent high of $72.

US crude stockpiles fell by a whopping 7.34 mln bbl, although analysts expected only a 3.3 mln bbl drawdown. However, selling broke out in oil futures amid a spike in the US dollar against world currencies after the Fed rolled its tapering timeline forward to 2023, with FOMC members mulling two hikes by that time, while the bears brushed aside the positive inventory data.

This morning, prices showed mild losses, with Brent down 0.28% and WTI is off 0.22%. Our Brent forecast for today is in the range of $73-74/bbl.

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