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Crude Eases Back as Demand Concern Weighed Against OPEC Cuts

OIL

Crude oil eases back from earlier gains to negative on the day with concern for weak global demand offsetting the upside pressure due to reduced OPEC supply from next month.

  • Technicals suggest that bullish conditions remain intact with the first resistance for June Brent at the 3 Apr high of 86.44$/bbl and key resistance at the 23 Jan high of 88.35$/bbl. First Brent support is at 82.57$/bbl.
  • Curve backwardation is just slightly softer after time spreads followed the surge higher earlier this week on the tighter market supplies.
  • Front month WTI-Brent spread is holding near the smallest since December.
    • Brent JUN 23 down -0.2% at 84.81$/bbl
    • WTI MAY 23 down -0.3% at 80.49$/bbl
    • WTI-Brent up 0.02$/bbl at -4.27$/bbl
    • Brent JUN 23-JUL 23 down -0.06$/bbl at 0.33$/bbl
    • Brent JUN 23-DEC 23 down -0.21$/bbl at 3.26$/bbl
    • Brent DEC 23-DEC 24 down -0.16$/bbl at 5.47$/bbl
Energy BulletsCommodities
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