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Crude Declines Testing Technical Support Levels

OIL

Crude trades down to technical support at 91.53$/bbl for Brent and 84.06$/bbl for WTI testing the lowest since late October. Supply concerns have reduced following the easing to geopolitical tensions and with the resumption of Druzhba flows.

  • Ongoing economic growth concerns and uncertainty over Chinese oil demand add to the downside pressures.
    • Brent JAN 23 down -1.4% at 91.56$/bbl
    • WTI DEC 22 down -1.8% at 84.04$/bbl
    • Gasoil DEC 22 down -2.4% at 968.25$/mt
    • WTI-Brent down -0.09$/bbl at -8.04$/bbl
    • Brent JAN 23-FEB 23 up 0.05$/bbl at 1.26$/bbl
    • Brent JUN 23-DEC 23 down -0.17$/bbl at 4.09$/bbl

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