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Crude Extends Decline As  China Reopening Speculation Subsides

OIL

Crude continues to drift lower on fading optimism of an easing to the Chinese covid policy and with a halt to the fall in the US dollar.

  • Brent time spreads are also softer as concern for further tightening of the market reduces. Uncertainty over Russian supplies combined with OPEC cuts and underproduction are keeping the curve in strong backwardation.
    • Brent JAN 23 down -1% at 96.95$/bbl
    • WTI DEC 22 down -1.3% at 90.57$/bbl
    • WTI-Brent down -0.19$/bbl at -7.39$/bbl
    • Brent JAN 23-FEB 23 down -0.09$/bbl at 1.47$/bbl
    • Brent FEB 23-MAR 23 down -0.05$/bbl at 1.43$/bbl
    • Brent JUN 23-DEC 23 down -0.07$/bbl at 4.69$/bbl
    • Brent DEC 23-DEC 24 down -0.13$/bbl at 6.06$/bbl

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