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