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Crude Bounces Back From Earlier Decline

OIL

Crude oil bounces back with Brent having traded as low as 78.35$/bbl with bearish pressure from the wider market economic concerns.

  • The WTI-Brent spread is falling as Brent recovers faster than WTI.
  • Long dated time spreads are again following the moves with Dec23-Dec24 back up from a low of 3.56$/bbl. The prompt Brent spread is holding just below the high from last week of 0.68$/bbl while the WTI prompt spread remains in contango.
    • Brent MAY 23 down -2.3% at 80.84$/bbl
    • WTI APR 23 down -2.7% at 74.63$/bbl
    • WTI-Brent down -0.12$/bbl at -6.07$/bbl
    • Brent MAY 23-JUN 23 up 0.02$/bbl at 0.64$/bbl
    • Brent DEC 23-DEC 24 down -0.56$/bbl at 4.04$/bbl
    • WTI APR 23-MAY 23 down -0.02$/bbl at -0.12$/bbl
    • WTI DEC 23-DEC 24 down -0.54$/bbl at 4.07$/bbl

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