The outright price action of WTI and Brent crude oil is being affected by the Brent-WTI spread, once again. For a second day, Brent is weaker relative to WTI, as the Iran nuclear deal weighs on international crude prices, due to the expected in Iranian exports. The clearing of production issues in the North Sea’s Buzzard field and progress in Libya are also impacting Brent. Last night, the API weekly inventory showed another large decline in US oil stocks.
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