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Crude Edges Lower With Demand Uncertainty Against Supply Disruptions

OIL

Crude is pulling back towards the lows of the day as the market assess global economic growth uncertainty in the US and China against short term supplies disruptions from OPEC, Iraq and Canada. A slightly strong US dollar is adding to the downside pressure while US SPR restocking plans from August are providing some support.

  • Crude time spreads are just slightly softer on the day with the prompt spreads holding just above the lows from last week and WTI trading back at parity.
    • Brent JUL 23 down -0.7% at 74.74$/bbl
    • WTI JUN 23 down -0.6% at 70.67$/bbl
    • WTI-Brent up 0.1$/bbl at -4.07$/bbl
    • Brent JUL 23-AUG 23 down -0.03$/bbl at 0.18$/bbl
    • Brent AUG 23-SEP 23 down -0.01$/bbl at 0.32$/bbl
    • Brent DEC 23-DEC 24 down -0.07$/bbl at 2.55$/bbl

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