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Crude Back Up to Positve on the Day

OIL

Crude oil regains the small earlier losses back to flat on the day with global economic concerns balanced against reduced OPEC+ supplies with many expecting a supply deficit in the second half of the year.

  • Curve backwardation is steady and holding onto the weekly gains since the OPEC+ meeting last weekend.
  • Next technical support for Brent is at 8 June low of 73.58$/bbl and resistance at 5 June high of 78.73$/bbl.
    • Brent AUG 23 up 0.1% at 76.04$/bbl
    • WTI JUL 23 up 0.1% at 71.35$/bbl
    • WTI-Brent down -0.07$/bbl at -4.53$/bbl
    • Brent AUG 23-SEP 23 unchanged at 0.12$/bbl
    • Brent SEP 23-OCT 23 down -0.01$/bbl at 0.33$/bbl
    • Brent DEC 23-DEC 24 down -0.05$/bbl at 3.55$/bbl

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