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Crude Eases Back After Testing Technical Resistance

OIL

Crude is easing back down after a brief Brent front month rally this morning through the first technical resistance of 76.93$/bbl to a high of 77.12$/bbl. WTI reached a high this morning just below the resistance level at 72.56$/bbl.

  • Crude time spreads are following the moves in the front month futures while the WTI-Brent spread is holding steady around -4.74$/bbl.
    • Brent AUG 23 up 0.6% at 76.56$/bbl
    • WTI AUG 23 down -0.2% at 71.82$/bbl (vs 16 June close)
    • Brent AUG 23-SEP 23 up 0.01$/bbl at 0.04$/bbl
    • Brent DEC 23-DEC 24 unchanged at 3.16$/bbl
    • WTI AUG 23-SEP 23 up 0.03$/bbl at 0.04$/bbl (vs 16 June close)
    • WTI DEC 23-DEC 24 unchanged at 3.41$/bbl (vs 16 June close)

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