The API data overnight included draws for all of the major components of the oil complex and comprised of Crude -2.7 million barrels, Gasoline -4.2 million barrels and Distillate -2.3 million barrels.
In an indication of a lack of assuredness from the oil complex, the five main futures contracts registered week-on-week changes from 13/10/2023 to 20/10/2023 as follows: WTI +$1.06/barrel, Brent +$1.27/barrel, RBOB +7.66c/gal, Gasoil +$5.75/Mt and in a surprise from what should be the leader of the seasonal pack, Heating Oil posted a loss of 5.51c/gal.
Oil prices step into the morning sharply higher as the world watches in wonder and fright at the daily suffering emerging from Gaza and Israel.
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