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Crude Extends Decline Ahead of Updated EIA STEO Report

OIL

Crude extends the decline below the previous lows of the day ahead of the updated EIA Short Term Energy report later today and the US CPI data tomorrow.

  • Concern for future oil demand growth and US recession fears are again outweighing tighter supplies after a small recent recovery higher.
  • Next technical support for Brent is at the 4 May low of 71.28$/bbl and WTI at 68.48$/bbl.
    • Brent JUL 23 down -1.4% at 75.95$/bbl
    • WTI JUN 23 down -1.4% at 72.17$/bbl
    • Brent JUL 23-AUG 23 down -0.05$/bbl at 0.15$/bbl
    • Brent DEC 23-DEC 24 down -0.38$/bbl at 2.82$/bbl

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