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Crude Eases Back As Demand Concerns Offset Saudi Cut

OIL

Crude eases back from earlier gains as global demand concerns in US and China still hang over the market despite the latest voluntary production cut from Saudi Arabia.

  • Front month Brent has fallen back from an intraday high of 78.73$/bbl and a peak of around 78.2$/bbl just over an hour ago.
  • The front month WTI-Brent spread is easing lower from around -4.0$/bbl mid last week to -4.4$/bbl today with US recession fears weighing on WTI.
    • Brent AUG 23 up 0.6% at 76.61$/bbl
    • WTI JUL 23 up 0.5% at 72.11$/bbl
    • WTI-Brent down -0.12$/bbl at -4.41$/bbl
    • Brent AUG 23-SEP 23 up 0.03$/bbl at 0.19$/bbl
    • Brent DEC 23-DEC 24 up 0.29$/bbl at 3.48$/bbl

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