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Daniel Brødsgaard, analyst at Danske Bank, notes that the oil could not sustain its recent gains as American crude inventories saw a surprisingly big jump of 5.48 million barrels according the EIA.

Key Quotes

“Also yesterday, according to Bloomberg, US government officials stated that Trump backed the recent attack on Tripoli by the Libyan opposition led by strongman Khalifa Haftar. This could potentially be a long term blow to Libya’s growing and stabilising oil exports.”