Oil prices were affected to a degree, yesterday, by the machinations on Washington, as the risk-on trade emerged, after hopes of a deal to avoid default were raised. We failed to mention a key data point, yesterday, however: China crude imports rose to a record, while exports declined, emblematic of the slowdown in Europe. China GDP will be released on Friday, so that will a key data point for a market starved for data. North Sea Forties crude oil output may get impacted by a planned strike at the Grangemouth refinery, which provides steam to enhance flow rates.
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