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Crude and Spreads Higher; OPEC Sees Robust Oil Demand

OIL

Brent time spreads follow flat price crude rally to recover most of the weekly losses

  • The rally is driven by a recovery in US EIA demand yesterday and OPEC Secretary General reiterated their view that oil demand was robust and concern of Chinese economic slowdown was exaggerated.
  • OPEC Secretary General said it was premature to say what OPEC+ will decide at the next meeting on Sep 5.
    • Brent OCT 22 up 2.8% at 96.3$/bbl
    • WTI SEP 22 up 2.7% at 90.52$/bbl
    • Gasoil SEP 22 up 3.4% at 1077.25$/mt
    • WTI-Brent down -0.15$/bbl at -6.21$/bbl
    • Brent OCT 22-NOV 22 up 0.15$/bbl at 0.78$/bbl
    • Brent DEC 22-DEC 23 up 1.18$/bbl at 7.8$/bbl

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