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Brent Declines To $85.80/bbl Despite Higher Than Expected Crude Draw 

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The May Brent futures contract continued spiralling downwards this afternoon with prices tumbling from $86.70/bbl around noon to $85.80/bbl at 17:15 GMT (time of writing). EIA stats for the week to Mar 15 highlighted a 1.95mbbls draw in US crude oil inventories, surpassing median estimates of a 150kbbls draw. Gasoline stocks saw a 3.31mbbls draw against an expected 2.8mbbls draw, whilst distillates stocks recorded a build equalling 624kbbls against expectations of a draw. In other news, market participants will also be on the lookout for the US Fed’s decision on interest rates due at 18:00 GMT. While the Fed is expected to keep rates unchanged, sentiment regarding early rate cuts is still tepid with inflation still above the Fed’s 2% target. Finally, the front-month and six-month Brent spreads are currently at $0.60/bbl and $4.04/bbl, respectively.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.