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Crude oil prices slumped on Tuesday, pressured by the downward revision in the IMF global growth forecast (see macro comment) which fueled concerns over energy demand prospects in the short-term. Benchmark contracts traded once again in a large range, showing that uncertainty over the supply/demand outlook remains high and fuels volatility. Brent 1st nearby prices traded as low as $106.74/b down from an intraday high at $114.84/b on Monday, while WTI prices dropped as low as $102.10/b intraday.
In the US, API stock figures released yesterday evening showed a 4.5 Mb drawdown in crude inventories compared to a market consensus of a 3 Mb increase, which finally provided some support to crude oil prices this morning on top of reports of worsening production disruptions in Libya due to the lingering political turmoil.
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