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25.03.26 - 16:00
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WTI Steady After Biggest Cushing Crude Build In 3 Years; Imports From Venezuela Highest Since 2019 (ZeroHedge)
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WTI Steady After Biggest Cushing Crude Build In 3 Years; Imports From Venezuela Highest Since 2019
Oil prices remain lower this morning, following the US proposal for a ceasefire with Iran, but off the lows following Iran's rejection.
“From the Iranian perspective, Trump's actions this week have demonstrated that the US can be pressured when Iran threatens further escalation,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management.
Futures had already pared losses as Tehran fired a new wave of missiles at Israel, and signaled little willingness to compromise. Iran's armed forces added to a stream of messaging that ruled out ceasefire talks, according to state-run IRIB News. They added that they wouldn't allow oil prices to return to their previous levels until all threats against the country were removed.
Overnight saw API report a modest rise in crude and refined product inventories and while oil prices are really more attuned to the geopolitical headlines currently,...
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