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24 Jun 2016

Crude Oil Gets Lift as Cushing Supply Shrinks

Crude Oil Gets Lift as Cushing Supply Shrinks


Investors are betting on a strong vote for Britain to stay in the European Union based on recent Brexit polls, triggering buying in risk assets including oil. The result of the referendum due by midday on Friday is likely to make for volatile crude trading. A vote to leave could hit risk appetite, potentially weighing on crude. Fundamentals are also supportive with Reuters reporting that around 1 million barrels were drained from Cushing, Oklahoma, the delivery point for the U.S. crude futures contract, in the week to June 21, according to data from industry monitor Genscape. (Source: Monexnews.com - US)

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