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Recap Energy Market Report
Wed 22 Feb 2012 15:18:02 CT
Related Keywords: Energy
Related Keywords: Energy
April crude oil prices established a higher high on the session, but spent most of the session confined to a narrow trading range. Crude oil prices encountered early weakness from ongoing contraction in Chinese purchasing managers' data as well as a surprise drop in European service activity. The soft economic data on top of renewed concerns that Greece might not be able to implement new austerity measures weighed risk appetites. Meanwhile, Brent crude oil drafted support on continued concerns over supply disruptions out of the North Sea and Iran. It appeared that those supply disruption concerns sparked a light day rally in April WTI crude oil into new high territory. Expectations for this week's US crude oil inventory data are for a slight draw in the range of 250,000 to 500,000 barrels.
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