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Brent Crude Edges Up From Low of the Week at 80.5$/bbl


Brent crude edges higher to pause the weekly decline of nearly 6$/bbl to a low of 80.5$/bbl earlier today. The market is assessing the weak economic demand picture against supply cuts and potential for stronger crude fundamentals.

  • Key support for Brent is at the 31 Mar high and a gap low on the daily chart at 79.95$/bbl with WTI support at 75.83$/bbl.
  • Time spreads have also recovered some ground but near term spreads are still just down on the day.
    • Brent JUN 23 up 0.5% at 81.54$/bbl
    • WTI JUN 23 up 0.6% at 77.82$/bbl
    • WTI-Brent down -0.05$/bbl at -3.72$/bbl
    • Brent JUN 23-JUL 23 down -0.04$/bbl at 0.25$/bbl
    • Brent JUN 23-DEC 23 down -0.07$/bbl at 2.51$/bbl
    • Brent DEC 23-DEC 24 up 0.1$/bbl at 4.22$/bbl
    • WTI JUN 23-JUL 23 down -0.01$/bbl at 0.25$/bbl
    • WTI JUN 23-DEC 23 down -0.02$/bbl at 2.97$/bbl
    • WTI DEC 23-DEC 24 up 0.12$/bbl at 4.59$/bbl

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